Except for maybe Ottawa I don’t see a single Canadian team complaining about a cap increase so why would the exchange rate make a difference?

I think PalHal's point was that with the low CDN dollar, earnings in CDN dollars would not exchange into as good earnings in U.S. dollars. Therefore the cap would flatten out. Remember that the Canadian teams make up a large proportion of earnings for NHL teams and that is what the Cap is based on.

While true, Canadian teams can offer advertisement deals that may not even be possible in the US market. As an example, IF Tavares were to take his talents to Montreal, the endorsement deals he could have would easily outweigh anything in the US market. If these players are really after the money, especially big names, they can make it just as easily in a Canadian market due to sponsorship deals. With sponsorships and advertisement deals, the players can make more than on a US based team even with taxes and the declining dollar.

I was more talking about actual cap money. The NHL gathers all it's revenue, converts to US dollars and then the players get 50% share. Total NHL revenue about 4.5b US. If the Canadian dollar declines agains the US dollar, the total NHL revenue total US dollar may not rise . Not so much for this season for for 2019/20.