Since Friday, we've seen the Canadian dollar do very well against the crosses, particularly against the euro and the sterling. That seems to be driving most of the Canadian dollar gains right now.

We saw consolidation of the gains in the Canadian dollar from last Friday.

Just given the fact the market wasn't able to push the Canadian dollar above that 12-year high that was set last November, I think that caused a few people to look at taking some profits on some of their long Canadian dollar positions.

I am a bull on sterling versus the U.S. dollar.

The sterling-dollar equation moved against him.

The Canadian dollar is relentless.