TORONTO - Economists and consumers' associations are warning Canadian retailers that a very strong loonie could spell trouble for them if they don't react quickly.

For one nanosecond on Wednesday, the Canadian dollar was on a par with U.S. currency, closing at 98.5 cents by day's end. It has hovered in the 99-cent range since then, prompting consumer watchdogs to share their observations, including suggestions that Canadians cross the border for retail goods if our own stores refuse to lower prices.

Bruce Cran, president of the Consumers' Association of Canada said his group gets hundreds of complaints each day from consumers who feel they are being "ripped off" by  retail stores that "consistently fail" to adjust the prices of such products as cars and consumer electronics when the value of the Canadian dollar (vs. the U.S. dollar) rises sharply.

Cran said the CAC has followed this situation for nearly 19 months, concluding that there hasn't been one confirmed case of product prices dropping as the dollar rose. As a result, the CAC is telling Canadians, "that they should look after themselves first," and use the strength of the loonie if they can find better shopping value in the U.S.

However, some economists are saying that the loonie approaching par with the U.S. dollar does not mean Canadian consumers should see immediate pricing changes in local stores. According to one Canadian financial firm, consumers could wait up to two years before seeing any substantial changes in retail prices here.

"Consumers don't really lose out so much when the Canadian dollar is really dropping and, conversely, they unfortunately don't benefit as much when the currency is doing much better," said Scotia Capital economist Meny Grauman. "When the Canadian dollar was even around 65 to 70 cents US, prices didn't adjust because of that sharp depreciation of the Canadian dollar. Now we're seeing the other side of that."

Cran said Grauman's statement about delays in price changes is "unacceptable rubbish," simply because it's taken two years for the dollar to reach parity with U.S. currency. He said the CAC believes Canadian retailers have had "ample opportunity" to prepare for that eventuality.