Oh, Canada!

Canada might be benefiting from the world meltdown:

The Canadian dollar, or loonie as it is affectionately called here, is likely to soar above parity with the US greenback this year, experts at a Canadian bank said Wednesday...

CIBC said other factors were also aligning to push up the value of Canada's currency such as increased demand for oil, minerals and fertilizers; resurgent capital markets; and global debt fears.

"If the capital markets finally get an appetite for M&A (mergers and acquisitions) then Canada could be one of the first places to see the benefit of foreign inflows," said CIBC analyst Zafar Bhatti.

Or "if the investing world starts looking for a place to park capital in the wake of deteriorating sovereign credits then Canada would look very attractive," Bhatti said in a report.