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The Canadian finance minister Jim Flaherty, urged wholesalers and retailers in the country to consider lowering their prices now that the Canadian dollar is stronger than the U.S. dollar.

Flaherty held up a book bought in the U.S. as an example, and said the Canadian price for it was 20 percent more than it was in America.

"Now that the Canadian dollar and the US dollar are at par, I strongly urge Canadian distributors, wholesalers and retailers to reduce prices for Canadian consumers as soon as possible," he said.

In response to his urging, the Retail Council of Canada said there were a couple of things to consider with the request. First, the current stock in stores was purchased when the Canadian dollar was worth less than the U.S. dollar, so it would have to be sold through before decreasing prices.

Second, the council added that the higher transport costs and expenses related to having to translate products into French and English to abide by Canadian bilingual policy, are reflected in the existing prices as well.

As of this writing, the Candian dollar stood at about 1.03 to the American dollar.