The Canadian dollar scrambled above parity with the U.S. dollar for the first time in 31 years on Thursday, fired by sky-high commodity prices as well as a broadbased drop in the greenback, but it did not maintain that level for long.
Canadian bond prices fell with U.S. treasuries as U.S. weekly jobless claims and high oil prices stoked inflation fears.
After days of anticipation, the Canadian currency briefly broke through the dollar-for-dollar level in the morning, rising as high as C$0.9996 to the U.S. dollar, or US$1.0004, before retreating.
It took another stab at parity the afternoon, rising to C$0.9992 to the U.S. dollar, or US$1.0008, and again eased back.
The Canadian currency closed at C$1.0013 to the U.S. dollar, or 99.87 U.S. cents, up from C$1.0152 to the U.S. unit, or 98.50 U.S. cents, at Wednesday’s close.

The historic equal footing — last hit in November 1976 — follows a 62 percent rise in the Canadian currency from early 2002, when it languished at 61.75 U.S. cents.
Source: Reuters

How much further can it go? Is it time to buy American goods until you drop?! The Infiniti G37 Coupe and Honda Accord Coupe have just been released for 2008. Oh the temptation!