The commodity price, the relative appreciation.... The fact of the matter is that the Bank of Canada has raised interest rates by a quarter of a percentage point, while the U.S. has cut policy interest rates by three-quarters of a percentage point, so policy decisions have closed the interest rate gap by one percentage point.
Now, the U.S. was higher at initial levels. The Bank of Canada did that because of its outlook for inflation for the Canadian economy, but the fact of the matter is that this relative alignment of interest rates has had a big impact in this recent surge. It's up to the Bank of Canada to close that gap, which it can and should do.