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The soaring Canadian dollar

Four years after it hit an all-time low, the Canadian dollar in 2006 was riding a steady escalator up. Since January 2002, the once-lowly loonie has gained more than 40 per cent against the currency it’s most concerned with – the American dollar. By late April 2006, the dollar was trading well above the 89-cent US level – its highest rate since June 1978. Despite rising all the way from its all-time low of 62 cents US in early 2002, many economists are saying there’s still room for the loonie to keep rising.

Look for 90 to 92 cents US by the summer, some say. And a few analysts are saying the loonie might eventually reach parity with its U.S counterpart – something that hasn’t happened since 1976. So what’s behind the buck’s run-up? Well, there are several reasons and Washington holds the key to some of them.

Read the original article at: CBC News

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