Canadian dollar equals US dollar
The Canadian dollar rose 1.0002 US dollar, before retreating to 99.81 US cents in New York. It has soared 62 per cent from a record low of 61.76 US cents in 2002.
By Agencies |
TORONTO: Canada's dollar traded equal to the US currency for the first time in three decades, capping a five-year run on the back of booming demand for the nation's commodities.
The Canadian dollar rose 1.0002 US dollar, before retreating to 99.81 US cents in New York. It has soared 62 per cent from a record low of 61.76 US cents in 2002.
The US dollar fell as low as 99.98 Canadian cents today. The Canadian currency last closed above one US dollar on November 25, 1976, when Pierre Trudeau was Canada's prime minister.
The move to parity marks a milestone for a currency dubbed the loonie for the bird that adorns the nation's one-dollar coin. Parity also symbolizes Canada's emerging clout in a world economy increasingly short of the energy, grains and metals the country produces.
Canada, the world's eighth-biggest economy, has benefited from rising demand for copper, gold, wheat and oil from neighbouring US and emerging economies such as India and China.
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The country is the world's largest producer of uranium, the second-biggest exporter of natural gas, and sits on the largest pool of oil reserves outside the Middle East. Canada is also the world's second-largest exporter of wheat, which rose to a record this month.
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