The Canadian dollar has reached an exchange rate of C$1 to US$0.97 on Friday as it capped a 1.5% advance this week. This rate that is so close to parity with the US dollar has not been reached since 1976. The latest rise was said to have been caused by increases in energy prices and other export commodities as well as investors’ concerns about the dwindling US economy. Economists now believe that Canada’s dollar may equal the US dollar before the year ends. This puts more pressure on the Canadian economy to compel local businesses to cut prices of goods.