Impact of Price Level Changes on Exchange Rates According to PPP

In the context of exchange rate models, different theories help explain the factors that influence currency values. One such model is the Purchasing Power Parity (PPP) theory, which proposes that in the long run, exchange rates should adjust to equalize the price of identical goods and services in different countries.

Consider the following scenario: If the price level in the United States increases relative to Canada, according to the PPP theory, what is likely to happen to the exchange rate between the US dollar and the Canadian dollar?