April 6, 2010
Currency markets are incredibly dynamic. When heading south across the border, Canadians are used to getting less US dollars in exchange for their Canadian counterpart. But– no more!
The loonie hit parity for the first time today since July 2008. The gains were largely driven by commodity markets (i.e. we have a lot of oil you have to buy with Canadian dollars, so the demand for our dollar goes up with the price of oil). Also, just some good, ol’ fashioned confidence in Canada drove the gain as well.
The loonie gained 0.1% to $1 per U.S. dollar at 6:51 a.m. in Toronto, from $1.0022 Monday in New York. It slipped back slightly to trade at 99.9 cents US at 10 a.m. EST. The Calgary Sun
So, if you were thinking of splurging on that Florida property or some other property down South, now might be the time! The dollar is hardly ever at parity, so get your de facto discount while it still lasts!