Canada’s dollar reached parity with the U.S. currency for the first time since July 22, 2008.
The currency gained as much as 0.3 percent to C$99.92 per U.S. cents, and traded at C$1.0001 at 10:19 a.m. in Toronto, compared with from C$1.0022 yesterday according to Bloomberg News.
Canada has benefited from commodities such as copper, gold, wheat and oil. Canada is the world’s largest producer of uranium, the second-biggest exporter of natural gas. Also Canada has the largest pool of oil reserves outside the Middle East and is the world’s second-largest exporter of wheat.
Canada could erase its budget gap, according to Canada Finance Minister Jim Flaherty who forcasts a budget deficit that is narrowing to C$1.8 billion in 2014 from a record C$53.8 billion last year.
This reaffirms my Sell on UUP last month.
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