After coming within a hair's breadth of parity on Wednesday, the loonie drew even with its U.S. counterpart early Thursday. While it fell slightly below parity at around 6:30 a.m., there are predictions the Canadian dollar will stay at or near par with the U.S. dollar "for quite a while."

Camilla Sutton, a Scotiabank currency strategist, said the American dollar is "extraordinarily weak."

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