The strong Canadian dollar does not seem to be an impediment to further rate hikes ... at least not yet.

The Canadian is not an American - at least, not entirely, not yet

Those who expect further rate hikes can note that the real Fed Funds rate has yet to reach at least 3 percent, ... But with oil prices rising 58 percent since last June (when rates started to rise) and with U.S. manufacturing nearing contraction, the bond market is telling the Fed that it had better not raise rates further.

The Canadian dollar is oversold. The economic fundamentals are still strong, which enticed investors back to the Canadian dollar.

The Canadian dollar is relentless.

It's important that the U.S. markets are quietly turning forward themselves. There seem to be much better underlying sentiment for the tech stocks in the U.S. as well, so that's a big plus for the Canadian market.