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(Larry MacDougal/Larry MacDougal/THE GLOBE AND MA)
(Larry MacDougal/Larry MacDougal/THE GLOBE AND MA)

Canadian dollar holds above parity Add to ...

The loonie held just above parity with the U.S. dollar on Wednesday after hovering below the symbolic number for nearly a week.

The Canadian dollar began its North American trading day at 100.18 cents (U.S.), up more than one-third of a cent from Tuesday's close. It reached 100.8 cents by the end of the afternoon.

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The dollar has flirted with parity in recent weeks and briefly rose above the milestone last Tuesday for the first time since July 2008.

Canada's currency is one of many that have risen against the American dollar, which has been dragged down by the weakened U.S. economy and the huge deficits that Washington has amassed while fighting the recession.

The loonie is expected to hover around the parity mark for some time but eventually rise above one U.S. dollar for an extended period.



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The rising Canadian currency has been interpreted as a sign of the country's rebounding economy, though manufacturing exporters fear a stronger dollar could hurt their international competitiveness.



The Loonie: Investor Education

  • How you can benefit with the dollar at par
  • When analyzing the loonie, always look at oil
  • Why dollar parity could stick around
  • Video:The problem with parity
  • The 'new normal' for the loonie


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