The Canadian Dollar reaches its highest level in 30 years as surging commodity prices increased the nation's exports and increased its economic growth. The Canadian Dollar also posted its biggest weekly advance against the the U.S. Dollar since September 1998 as crude oil rose to a record and gold traded at more than $700 an ounce. The strength in the Canadian Dollar has prompted speculation that it may trade on the same level as the U.S. Dollar for the first time since November, 1976. ''Parity is in the cards if the strength in commodities remains firm,'' said Tom Fitzpatrick, global head of currency strategy at Citigroup Global Markets Inc. in New York. In this past week, the Canadian Dollar advanced against the 16 most actively traded currencies except the Brazilian Real and the N.Z. Dollar. Alongside the Australian Dollar, the Canadian Dollar may continue its gains through to the second week as The U.S. Federal Reserve is set to cut its borrowing rate from 5.25 percent on September 18, making these currencies more attractive.

In the forex trade, the Canadian Dollar rose 2.5 percent against its U.S. counterpart to reach 97.09 U.S. cents. It reached a high of 97.30 U.S. cents which is its strongest since February, 1977. In percentage terms, the Canadian Dollar gained 1.7 percent against the Euro, 4.3 percent against the Japanese Yen and 3.5 percent against the Pound Sterling.