" Low fuel prices have plumped up its profit margins because Air Canada has not passed on savings to travellers."

She makes this claim, but I don't think anything could be further from the truth. Not only has AC passed on the fuel cost savings to passengers, but fares seem to be down far more than just fuel costs alone (ie: 30-40% of the ticket is in fuel) would imply.

This is a recipe for smaller margins. Hence AC desperately reaching for initiatives such as Rouge, 777/787HD to fill in the gap.

If the Canadian economy keeps slowing on account of falling real estate prices and falling personal consumption arising from such, the coming quarters/years could be a real bloodbath. Short-notice fares have collapsed. Discounted business class is the norm. Planes out of YMM are running only 2/3rds full when previously they were nearly fully-full. It points to an environment that is going to turn very sour for the airlines shortly.