Timeline: Key dates in Canadian dollar's return to parity

Tue Apr 6, 2010 9:48am EDT
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(Reuters) - The Canadian dollar rose to one-for-one footing with the U.S. currency on Tuesday for the first time since July 2008, boosted by rising commodity prices and expectations for higher domestic interest rates.

Following are some key dates in the history of the Canadian dollar, nicknamed the loonie for the water bird depicted on the one-dollar coin.

September 1950 - Canada allows the Canadian dollar to float against other currencies. The currency was previously tied to the price of gold under the gold standard.

May 1962 - Canada brings back a fixed rate for a period, valuing the Canadian dollar at 92.5 U.S. cents, with a fluctuation band of plus or minus 1 percent.

May 1970 - Canada returns to a floating rate, which it has used since. The currency climbs about 5 percent to about 97 U.S. cents and moves above the U.S. dollar by 1972.

April 25, 1974 - Canadian dollar hits what was then a modern high of US$1.0443

February 4, 1986 - Currency falls to a low of 69.13 U.S. cents, a record at the time, on soft commodity prices and concerns about Canada's economic prospects. It then begins a march higher for the rest of the decade.

September 1998 - The last time the Bank of Canada intervened in foreign exchange markets to affect movements in the Canadian dollar.

January 21, 2002 - Canadian dollar hits a record low of 61.79 U.S. cents, according to Bank of Canada data, undermined by weak resource prices and a robust U.S. dollar.   Continued...