By The Canadian Press

Canadian dollar rising on the back of commodity prices

Apr 30, 2021 | 6:57 AM

TORONTO – Economists say the Canadian dollar is at a ‘sweet-spot’ after rising for seven straight days to top 81 cents US, reaching a point where it benefits consumers but doesn’t hurt businesses too much.

The loonie traded for 81.34 cents US Thursday, the highest level since February 2018.

Colin Cieszynski, chief market strategist with SIA Wealth Management, said he feels the crisis stage of COVID-19 pandemic seems to be ending and the economic shift towards re-opening has benefitted the loonie.

Douglas Porter, chief economist with BMO Financial Group, said the dollar is rising on the back of soaring commodity prices for Canadian resources like lumber and could have further to rise.

Alan Arcand, chief economist with Canadian Manufacturers and Exporters, said the rise could put long-term downward pressure on those same natural resource and exporting businesses that are currently driving the economy.

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Both Porter and Arcand say the COVID-19 pandemic has dampened the high dollar’s usual impact on cross-border shopping and tourism.