The loonie has closed above the American greenback for the first time since May 2008, finishing at 100.08 cents US.
The Canadian dollar has been slowly rising for weeks, urged on by a rebounding economy and strong commodity prices. But Wednesday marked the first time in two years it had managed to stay above parity at the closing bell.
"It's holding on just by the fingertips," BNN's Pat Bolland told Â鶹´«Ã½ Channel.
"The question is: Will it stay there? There are a couple forces that work in our favour. Today, it was oil prices. And in fact, the last time we took a run at parity and it dropped back, it was because oil prices dropped back. If oil prices hold or go up, that bodes well for continuing at parity."
The dollar has also been helped by a sluggish American economy and debt-laden European countries.
"The Canadian economy is growing faster than the United States right now," said Bolland. "And there's pressure on the Bank of Canada to increase interest rates next week."
Meanwhile, commodity prices may get a further boost as demand for oil increases in China, thanks to its growing economy.
Analysts say China may report first-quarter growth as high as 12 per cent tomorrow.
