Sadly even with a 40 cent dollar there are multiple obstacles that will keep manufacturing from setting up.  Electricity prices, high presence of heavy-handed unions, government(s) with a precedent for waffling on agreements, an entire system designed around "picking winners" such that perpetual lobbying expenses would incur, noncompetitive carbon taxes... those are just off the top of my head.  

Canada, and especially Ontario are severely dis-incentivizing business, particularly manufacturing.