The Canadian dollar reached parity with the U.S. dollar on Tuesday for the first time since mid-November.

The loonie was trading at 100.10 US cents at 10:30 a.m. ET, but slipped below parity at around midday before climbing higher again. It was trading around 100.05 at 1 p.m. ET.

Its last official close was 99.36 cents US on Christmas Eve. The Bank of Canada is closed until Wednesday, with Monday and Tuesday serving as holidays in lieu of Christmas and Boxing Day.

With the loonie continuing to be traded on international markets, Tuesday was the first time the dollar has matched the U.S. dollar in value since Nov. 10, though it has generally traded at 95 cents US or more since September.

Rising commodity prices, particularly for oil, are among the factors driving the loonie higher, as is a weak U.S. dollar.

Also, the U.S. dollar had been on the decline Tuesday after an S&P/Case-Shiller index study showing home prices declined almost twice the expected amount in October.

The S&P/Case-Shiller composite index of 20 metropolitan areas dropped one per cent in October, ahead of the 0.6 per cent drop forecasted by economists.

Recent economic news that could also be giving the loonie a push include data that showed the Canadian economy expanding 0.2 per cent in October following a 0.1 per cent contraction a month earlier.