Canadian dollar closes above parity with American dollar for first time since May 2008
Posted April 14, 2010 1:42 pm.
This article is more than 5 years old.
The Canadian dollar has closed the day’s trading above parity with the U.S. dollar for the first time since May 2008, finishing up more than a quarter cent to 100.08 cents US.
The loonie has been supported by the relative strength of the Canadian economy, rising commodity prices and confidence that Canada has not taken on more debt than it can handle–worries that persist for the United States and many European nations.
The U.S. dollar has also been driven downward in recent weeks by rising oil prices and continued economic instability south of the border.
Economists don’t expect the loonie to rise quickly to the heights it reached around US$1.10 back in November 2007, but rather feel it will float around parity for a while.
