The Swiss National Bank has a war-chest of foreign exchange reserves amounting to more than 400 Billion. Seeking ways to continue to keep the Swiss Franc overvaluation in check, the Swiss National Bank could easily load up on Loonies to possibly suppress the price of the Swiss Franc. Recently reported here: http://www.snb.ch/en/iabout/stat/statpub/statmon/stats/statmon the Swiss National Bank believes the Swiss Franc was overvalued by 12% in May.  It seems the Swiss continue to be concerned with strength in the Swiss Franc and may need to create new measures besides pegging the Franc to the Euro to keep appreciation of the currency in check. One of these possible measures could be purchasing the Canadian Dollar with Swiss Francs. Following the currency pair CAD/CHF may give good insight into this possibility.

cad chf breakout