it's been like that for quite a while, nothing really new. Once the US starts lowering interest rates and signals more cuts to come the US dollar will come down a bit. But normal is about 1 Canadian dollar equals 77 cents US so that's still about 33-35% (right now 1 Canadian dollar is about 72.5 cents US). It's great if you sell to the US, not as great if you are a buyer of US goods.
I guess you're too young to remember how it was around the year 2000. Canadian dollar was 67 to 69 cents US for a very long time. People buying goods in US dollars were paying a 55% premium or even higher. In that light 40% doesn't seem so bad.
If it's any consolation, a low dollar is great for the economy as it makes our goods and services cheaper to buy for other nations and thus makes us a more attractive buying option. Most countries are constantly trying to decrease the value of their currencies for that reason.
