I think GM priced the Malibu relative to the Canadian market MSRPs and compared to its competitors, they priced it well.
Malibu LTZ $33,610
Accord EX-L V6 $34,990
Altima 3.5SE $36,448 (CVT/Sunroof/Leather Packages)
Camry XLE V6 $37,525
GM will play the "exchange rate" rebates like the other manufacturers. In the end, the real purchase price will be significantly lower which makes it an even better value.