The Canadian dollar burst through parity with the US dollar on Thursday for the first time in 31 years, underlining the robustness of Canada’s economy and its importance as an oil producer.

The milestone caps a spectacular recovery since the “loonie” – named after the aquatic bird pictured on the one-dollar coin – hit an all-time low of 62 US cents in February 2002. It touched US$1.0004 in morning trade. While its recent surge has been driven partly by the weak US currency, it has benefited from high prices for oil, wheat and gold, all sizeable Canadian exports.