Canadian dollar briefly hits parity

The Canadian and American dollars are dancing around parity.

The two currencies were momentarily worth exactly the same early Tuesday before the dollar slipped back just below the greenback.

The Canadian dollar was worth more than 99.9 cents US just before the official open.

The dollar hasn’t been above the U.S. dollar since July 2008.

The U.S. dollar has been driven downward in recent weeks by rising oil prices and continued economic instability.

The loonie, on the other hand, has been supported by the relative strength of the Canadian economy.

Economists don’t expect the dollar to rise quickly to the heights it reached around US$1.10 back in November 2007, but rather feel it will waver around parity for awhile.