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CDN$ hits parity! …sinks… Hits parity!!
Canadians all over the country and around the world were briefly ecstatic when the Canadian dollar was valued at, and then slightly above, parity with the US dollar in currency trading on Thursday. Just before 11 a.m. Eastern, the loonie crossed the $1 US mark for the first time since November 25, 1976.
Canadians watched their televisions and computer screens as their dollar inched ever closer to the mark. Sweaty palms were brushed across thighs as fixed stares with unblinking eyes focused on every move… Up… down… up… down the Canadian dollar rose and plunged repeatedly, manipulated by the many hands of currency traders buying and selling its favours the world over as it stretched ever nearer to its goal; to occupy the same space as the greenback and perhaps even mount its value. Straining for every inch, the Canadian dollar closed the gap all morning; its supporters gasping with every glorious thrust forward and moaning with every excruciating pull back. Finally, at 10:58 a.m., the loonie pushed home and achieved the climax of its long, hard efforts: parity with the US dollar.
All across the country Canadians were in ecstasy, crying out with joy at the end of the three-decade-long slump. Fists were pumping in triumph; bottles were uncorked, champagne spurting carelessly onto blouses and trousers; millions fell back, sweaty and exhausted, lighting cigarettes or downing a draught.
And then, suddenly, it was over. The Canadian dollar, having hit the mark, shrank away, retreating, smaller. In moments, it had slipped back under $1 US. Canadians drifted into sadness, lethargy, and regret.
“I can’t believe it’s over,” sighed Beverley Snerd, 35, a volunteer nursing assistant and homemaker from Spotwaddle, Alberta. “It was so quick.”
“It’s never going to be that sweet again,” agreed Barry Yin, 21, a student at the University of Smulchburg, Ontario. “Damn, what a ride.”
And then the whole cycle repeated itself in Friday’s session. Canadians came to realize that the two currencies showed promise of continuing their midday assignations on the trading floors of the world in coming weeks. A smiling Tony Dumbrowski, 44, of Woppawumpa, Saskatchewan, put it this way: “I just hope our dollar gets to be the one on top for a while.”
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