Or lack thereof.

Stephen Gordon at the excellent Worthwhile Canadian Initiative blog breaks the drivers of income growth in Canada.  Productivity increases have only accounted for half of income growth since 1981.

The term "productivity" often has a negative connotation in Canada because Canadians hear the term "job losses" whenever politicians talk about productivity growth. 

However, long-term income growth is driven productivity.  One can only live off the natural bounty of a country for so long.  With low productivity growth in Canada, when the resource boom inevitably ends, Canadian incomes will stagnate.

Eventually, poor productivity growth portends long-term weakness in the loonie.