I suppose the Ivey may be having some small effects, but we don't think it should be. Fundamentally we don't think there's been any real shift in the Canadian economy.

In terms of how it affected financial markets, it did have an immediate impact, but I don't think it's long-lasting at this point until we know a little bit further what the situation is surrounding it.

We've had quite a significant appreciation this week, and I think this is sort of a holding pattern before we get the Bank of Canada next week.

The strength in this component, which includes apparel and home entertainment goods, bodes well for Christmas retail sales.

A rise in longer-term bond yields would arguably be seen as doing some of the Fed's tightening work.

The main factor behind the Canadian dollar appreciation is likely the expectation of tomorrow's Bank of Canada statement accompanying the widely expected hike.