Yep, that's correct.
Gotcha. Thanks! Yeah, you're probably right about that.
One other thing that might help everyone when making a purchase, and isn't immediately obvious, is that you can avoid Paypal's jacked up currency conversion rate by opting to let your bank/card issuer handle the conversion. When going through the Paypal checkout process, look for a link that says something along the lines of "conversion options". I saved about $50 CAD by opting for my Visa to be charged in EUR and letting the bank do the conversion directly.