I can't comment on what Nintendo will do or have done. I have no idea. I'm no insider. I'm no retailer.
With that out of the way...
All I can say is that the Canadian dollar is very similar to the Australian dollar. I would expect $399 - $499 Canadian/Australian on release.
A price that's lower than their competitors carries with it a perception of 'budget' or 'lesser hardware' in the eyes of the public (who will be looking at the Switch for the first time next year). It's all silly marketing tricks, but perceptions count for a lot - particularly after the Wii U and Wii. I would think that Nintendo don't want to be thought of as a distant third choice today, or that 'toy' console (rightly or wrongly). Like the 3DS, I think it will be priced at a level I am not comfortable with at first (I never pay Early Adopter taxes so that isn't hard to do, in all honesty...). The high-ish price will be equivalent or higher than their competitor offerings at first. The home/portable gimmick will also work its magic on the public. Both the price and the home/portable gimmick will signal something 'special' to many, especially in comparison to their competitors. Anyway, after some time, Nintendo will have enough sales data to gauge the popularity (or obscurity) of the Switch & 'massage' the price and promotions accordingly.
I am pretty certain we'll see pricing like this, just based on how I think Nintendo is marketing the thing. Actual cost of manufacture is lower than their competitors for sure. I think that in future Nintendo will have more wiggle room for promotions than their competitors because of their lower cost of manufacture. Particularly if they made a home-only Switch that isn't portable (after some years).