The SSM was swiftly realised because it was seen as a prerequisite for restoring mutual trust among countries after the sovereign debt  2  BIS central bankers’ speeches  crisis. But mistrust has remained.
While there are many factors at play, including oil prices, most of the increase appears to be due to shifts in expectations about monetary policy in both the US and Canada. The higher assumed level of the dollar contributes to a lower profile for non-resource exports in our projection, as does lower demand from the US and elsewhere.