Canadian Dollar Inches Closer to Parity

(Paul Vieira — Financial Post)

The Canadian dollar inched ever closer to parity Monday morning, as traders rushed back into the markets on strong U.S. jobs data released Good Friday. And according to currency analysts, it is only a matter of days, maybe hours, before the loonie crosses the US$1 mark.

“All the stars have aligned for the Canadian dollar. Almost every single factor we look at is in favour of a Canadian dollar that is at or beyond parity on a sustainable basis,” said Camilla Sutton, Scotia Capital’s director of foreign exchange, suggesting parity could come at any moment. “We are not far now.”

As of 11 a.m. ET, the Canadian dollar was trading at the 99.70 US cents range, up from Thursday’s finish of 99.17 US cents and the highest level since July 2008. Read more here.