I guess the other concern is the continued weakness in the U.S ... it raises some serious concern over what the market is telling us for the North American economy going forward.
These together will probably increase consumer spending and at the margin . . . it will put a bit of upward pressure on growth and could potentially put that much more pressure on the Bank of Canada to raise interest rates.
The overwhelming view is that the bank will continue to raise interest rates, despite the latest strength in the Canadian dollar.
If the bank does indeed raise rates, they are likely to sound very cautious about future rate moves, with the press release likely to highlight the many risks to the economy.
At the very least, it drums on the point that they'll continue to raise interest rates. By deductive reasoning, you'd assume that they don't have a big problem with the strength of the currency.