"The odds are that the U.S. dollar strength can go much further than currently expected, similarly the odds of ... trade barriers are steadily rising," Galy warned.
As if that wasn't enough, expectations that the Fed will begin to raise interest rates in the second half of 2015 have many believing the dollar has plenty of room to run.
"The strength of the U.S. labor market and U.S. economy are making the Fed more confident that it can begin to raise rates next year," wrote Lee Hardman, currency strategist at Bank of Tokyo Mitsubishi in a note after the last Fed meeting in mid-December.
"The market is still not convinced that the Fed will tighten even at that more modest pace ... leaving scope for U.S. short rates to continue to increase in the year ahead, supporting a stronger U.S. dollar."
Beyond the stunning breakout of the buck, the move is significant because the dollar is the backbone of the global financial system. It influences prices of all major commodities, the largest and most liquid debt and equity markets, and the world's largest economy.