 On November 7, 2007, it hit US$1.1024 during trading, a modern-day high
after China announced it would diversify its US$1.43trillion foreign exchange reserve away from the U.S. dollar.By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$0.98, through a cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S.

Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of "Time" magazine.Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before the swift rise in 2007.