Canadian rate hikes

The Bank of Canada hinted towards raising rates in the near future to help stem inflation and the threat of the housing market entering into bubble territory.  This seems warranted as the growth rate of the country has only been revised down slightly compared to the US, and the high prices of oil contribute to the boom.  The combination of a rising currency and rising stock market make a great haven for foreign investors as well.  A lot of these tailwinds could start to wane however and there might be a sharp revision to the countries rosy growth prospects.  Much of the country is dependent on the oil revenues that are generated from the oil sands as well as other exports such as timber to China for their construction demand.  Should any of these measures decline, as well as any of the domestic prospects make a turn, Canada could see itself more in line with the rest of the global economies growth prospects.  I believe that any trading in the CAD should take the price of Oil into account before a decision is made in either direction.