Well, the pair trade was a bet who had more upside. They funded their US long position with a CDN short, thinking even if the CDN banks moved up a little,  they'd more than make up for it with a larger move in US banks. Not a bad call, but given the stalling US banks, and the relentless CDN dividends that shorts are responsible for and now the upgrade by Barclays, the pair trade will be reassessed.