Our Dollar has been worth less than the Canadian Dollar for several months now. I don’t ever remember this happening before, at least not for this long.
With the tar sands oil being developed and millions of barrels of oil exported to the US every day the Canadian dollar has become a petro-currency. Especially vis a vis the US dollar. Recent strength in the Canadian dollar also reflects weak US economic and political performance. The Bank of Canada is having a hard time keeping the Canadian dollar down in this climate.
I think the Canadian dollar will remain strong in the near future. We are in the middle of a federal election campaign and it looks like the conservatives will gain a huge majority government. That will translate into lower taxes and a federal government surplus (yes a surplus), in a few years. If the US doesn't get its financial house in order, I would not be surprised to see a Canadian dollar much higher than it is now.
Believe it or not, such a circumstance would not be very good for Canada.