What is remarkable (and I suspect the pundits did not really did anticipate it) is the resilience that the Canadian economy has shown, even in the manufacturing sector. Looking back, of course, one detail that may not have been given its proper weight: the automobile sector is pretty much hedged against currency fluctuations. In other words, manufacturing in Canada is close to sales in Canada; and prices in CAD stay more or less constant even though the CAD has gone up.

The double surplus creates the conditions needed for a virtuous cicle. As the CAD goes up, prices of imported stuff drops (or if the importer chooses to keep the loot, at least stays flat). Thus inflationary pressure is low, below that of other countries, leading to a CAD expected to go up, and ultimately driving it up. While interest rates can be kept low, hence more investment and consumer spending.

In contrast, the US... I expect the CAD will continue moving up. Occasional jumps followed by periods of digestion.