C$ hits new 28-year high

The Canadian dollar climbed to a 28-year-high Monday, extending last week's advance amid a relentless rise in commodity prices, continued interest from abroad and weak trading volume as dealing rooms across the globe closed to celebrate the May 1 holiday.

The loonie's recent gains has some traders and economists forecasting further highs for the Canadian currency, and steeper losses for the U.S. dollar. A growing number of analysts are calling for the two currencies to reach parity.