Thoughts on CADJPY and broader commodity plays right now

Been watching $CADJPY pretty closely today, hovering around 115.662. We've seen it push up, hit 115.71396 earlier. It feels like everyone's still trying to chase that next commodity pop, assuming CAD will just keep strengthening on the back of oil and other resource demand. But honestly, I'm starting to think the market is getting a bit ahead of itself on the commodity front. There's a lot of talk about a supercycle, but are we really seeing the underlying demand that justifies some of these current price levels, or is it more speculative froth being driven by inflation narratives?

I'm leaning towards the latter. The real-world demand for a lot of these isn't quite matching the fervor in the futures markets, and I'm not entirely convinced CAD's strength is sustainable at these levels if we see even a slight wobble in global growth projections. Am I missing something big here, or is the market narrative getting a little too one-sided? Push back on this if you disagree.