Rook,
Quote, "No US jobs are lost."
Except for the approximately 80 or so Captains based in the US, flown by Canadian citizens preventing American citizen pilots from those positions, you are correct.
Ultimately this company has screwed itself up completely by not requiring proof of residence all along. I'm sure the Canucks wish they could be based in Canada and I'm sure the Yanks based up North could be based in the US. Just for simplicity sake.
What Cathay really needs to do, to let the status quo remain is see what the NHL does. That is a business that has Canadians 'working' in the US and Americans 'working' in Canada. How do they do it?