When the Canadian dollar drew level with the US dollar in 2007, Canadians found a rare source of gloating against their brasher southern neighbours.
The collapse of Lehman Brothers may have put paid to the loonie's strength, but the currency has held up well as another financial crisis grips the euro zone.
The Canadian dollar recovered parity with the US dollar in the middle of last year, although it dipped below par last month. But the currency has rallied 3.1 per cent this month to $0.983.
The Canadian dollar is "going through an extremely bullish phase right now", said Gaurav Kashyap, a trader at Alpari Middle East, an online currency trading house.
Their economy is "one of the few shining examples left among leading nations".
The major factor driving the Canadian dollar is its place among the so-called "commodity currencies" - including the Australian dollar, the Brazilian real and the South African rand - because of the country's natural resources.
These currencies have soared since the financial crisis began as the US dollar weakened and Asian demand for energy and raw materials surged.
The Canadian dollar was battered last month amid a US dollar rise and fears about the effect of the euro-zone sovereign-debt crisis on global growth, said Neil Mellor, a senior currency strategist at BNY Mellon.
"The Canadian dollar is trading more as a currency that's highly sensitive to the global economy" than through economic fundamentals, he said.
The loonie also comes with fewer strings attached than other currencies, such as the Japanese yen and the Australian dollar, which have risen sharply as a hedge against a slowdown in other developed economies.
The Swiss franc, a favourite of currency traders betting on the weakness of the euro zone, was pegged to the euro last month by the Swiss National Bank.
ghunter@thenational.ae
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
COMPANY%20PROFILE
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England ODI squad
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
Company%20Profile
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
Company%20Profile
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COMPANY%20PROFILE%20
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match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
SHAITTAN
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The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
India Test squad
Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5