Two of Canada's biggest retailers — Wal-Mart and Zellers — say they're lowering prices on some goods to better reflect the rapidly rising Canadian dollar that has gone past parity with U.S. currency.

Zellers, a unit of Hudson's Bay Company (HBC), said Friday it would launch a special "price cut" promotion to allow Canadian consumers to "capitalize on the benefits of the rising dollar."

It said it would cut prices on a range of items in all Zellers stores.

"We understand that the rising Canadian dollar has led to a demand for lower pricing and this is our attempt to provide real savings for Canadian families," HBC president Rob Johnston said in a release.

"We have worked with our vendors to obtain better deals on merchandise at Zellers."

Winnipeg shopper Allan Stefanyshyn welcomed Zellers' announcement.

"It's better to shop at home with the dollar the way it is," he said. "It's a good thing that stores are trying to be competitive and lowering their prices to match what's going on in the States."

Wal-Mart's Canadian unit said this week it would cut prices on video games and toys to bring them closer to U.S. prices. 

As at Zellers, Wal-Mart said it too was talking with vendors about price chopping.

"We're in the process of having very specific conversations with our suppliers to either seek a price parity position or price concessions," Wal-Mart spokesman Kevin Groh told Reuters.

It's not just the big retail chains doing some price cutting.

Bluenose RV, a business that sells recreational vehicles in Bridgewater, Nova Scotia, said it's planning to pass on its currency savings. All of its trailers come from the U.S.

A year ago, Bluenose was selling a nine-metre Wildwood trailer for about $26,000. That price has now been lowered by $4,000.

The pricing moves come amid growing pressure on Canadian retailers to lower prices in light of a loonie that is now worth more than $1.03 US.

Recent price comparisons have shown identical items are often priced more than 20 per cent higher in Canada than in the U.S.

That has sent Canadian consumers flocking to U.S. shopping malls and U.S.-based websites to save money.

Finance Minister Jim Flaherty confirmed Friday he would press retailers to bring in price cuts.  

"Prices should go down overall," he told reporters in Washington as he prepared for weekend meetings of the International Monetary Fund and World Bank.

"Now it won't all happen overnight. It will happen over time and different sectors of the retail economy have different realities in terms of pricing. But they should explain that and that helps consumers be more informed. And then, above all, consumers should shop and get the best prices," Flaherty said.