That's a good point ikeyPikey but I bet the counterfeiters have it
all figured out.

Checking my "older" $10 and $20 Canadian 2004/2005 bills I can clearly
see that the foil strip with the holograms was printed
after and
over the engraved portions of John A. Macdonald's and the Queen's head.
I believe that our Canadian Bank Note Co uses the same type
of press and techniques as DLR and so does the BEP.
Now the new Canadian banknotes released during the last couple of years printed on
polymer instead of paper are a different animal of course.
See here on the Bank of Canada site.
http://www.bankofcanada.ca/banknote...ies/polymer/