The SMH is reporting today that the $AUD has hit parity overnight with the quirkily named Canadian Loonie. This reminded me of a chart recently posted by Christopher Joye of the two currencies compared on a trade weghted index basis (TWI).
While the $AUD has been rising against the Loonie the TWI's have tracked each other closely. One would expect the Loonie TWI to be far more heavily weighted to the $US. The SMH note that the $AUD was last at parity with the Looonie in 2004.