A good chunk of that would be the 'Canadian Premium surtax'. For some reason pretty much all new cars are marked up considerably compared to those South of the border.
My Mustang was a solid 9k over and above what they guys in the US were paying, and that was for the exact same car and options. The dollar was darn near par at that time too, so it wasn't exchange.
Even comparing pricing on the ford websites, the base Expedition is $40,600 in the US and the same truck is listed at $47,500 up here. The price difference gets even worse as a person moves up the model line. The Limited is even worse, ~ 12k more in the great white North. Not only that, but a KR in the US is listed at only $1,000 more than an XLT in Canada...
It certainly makes strong case for cross-border shopping.