A rally in commodities and has helped push the Canadian dollar to just over half a cent from parity with its US counterpart. At one point on Monday, the Canadian dollar reached CA$1.0051 US dollars or 99.49 US cents. Most currency analysts predict that the Canadian buck will reach parity with the US dollar before the end of the week.
“I think parity is imminent. I would expect to see it today, tomorrow. We really do have all the factors lining up for us here,” said Camilla Sutton, a currency strategist at Scotia Capital.
“We have strong domestic data, we have a very strong fiscal sovereign position and there is an economic global recovery and that is good for Canada.”
