The Canadian dollar traded equal to the U.S dollar for the first time in 31 years on Thursday and is expected to remain strong atop a five-year run on the nations booming commodities.

The Canadian dollar rose as high as $1.0008, before retreating to 99.87 U.S. late in the day. It has soared 62 percent from a record low of 61.76 U.S. cents in 2002.

Canada, which sits on the world's largest oil reserves outside of the middle-east, is benefitting from a China led building boom and record high oil prices.

Four month crude oil futures hit a record $82.55 a barrel on Thursday. The commodity is priced in dollars, making them attractive for holders of foreign currencies as the dollar declines.

The last time the two currencies were at par was in November 1976, the year Montreal hosted the Summer Olympics and Pierre Trudeau was prime minister.