US earning converted to CAD$6.29 = $8.26CAD
$6.53 = $8.58CAD
$6.77 = $8.89CAD
p/e on either side of 5 depending on where the earnings come in. debt levels lower than what many where initially looking for (6x vs 5.5x).
In a vacuum, I think its imposible to agrue cxr is anything but expensive. Market doesn't trade in a vacuum though. Either way, today is going to be another day behind us and one day closer to 2016 earnings.