63 cents was the result of Canada being in a severe commodities depression, and a very strong US dollar. Over the long term, I expect a full inversion of the 63 cent bottom (ie: 1/0.63) to occur, at least temporarily, as the US continues its long-term path of weakening as an economy, while Canada continues powering forward. Despite this recent short-term set-back, the secular bull market for the Canadian dollar is still well intact.
With such an abundance of mis-placed negative sentiment, reversals can be sharp and outsized. Especially if BoC policy actions do not live up to the very significant expectations that have been telegraphed to the market by the BoC governor.