Canadian consumers who should see big savings because of a soaring loonie are instead being gouged.

That's the claim from a consumer advocate, who says the auto industry, big retailers, and importers, are reaping the rewards of a strong Canadian dollar, but aren't passing on any of the savings to shoppers.

"Not one single cent has been passed on to consumers that we can verify," Bruce Cran of the Consumers' Association of Canada told CTV.ca.

Cran says our near-record dollar has created windfall profits for some manufacturers and importers, who are, in effect, paying less for goods they buy from the United States and other countries. But prices for electronics, cars, clothes, and other consumer goods haven't dropped.

Cran says all anyone needs to do is look at the cost of cars in this country. Despite the strong dollar, most cars are still priced $3,000 to $5,000 more in Canada than for the same models in the U.S. When it comes to luxury cars the cost differential is in the tens-of-thousands of dollars, says Cran.

"I don't know why anyone would be stupid enough to buy a car or other consumer goods in Canada when we can have these substantial savings across the border," he argues.

That's why he says Canadian consumers should watch their wallets and head south.

Distributors told CTV News that prices in Canada can't be changed immediately-- sticker prices on most goods are determined six months to two years in advance.

Jayson Myers, president of the Canadian Manufacturers and Exporters Association, says it's not a simple matter of dropping or hiking prices every time the dollar rises or falls. He says the auto industry prices cars one or two years in advance.

"You don't get an automatic adjustment when the Canadian dollar rises," says Myers.

Economists agree that it could be some time before consumers feel the benefits of a Canadian dollar that's at near parity with the U.S. greenback.

"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,'' says 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."

A new BMO Nesbitt Burns study found that Canadians are paying as much as 23 per cent more for consumer goods here than for identicle items across the border.

"There is going to be a lot of pressure that comes to bear on retailers, wholesalers, and maufacturers to at least bring those prices a little bit closer in line," study author Douglas Porter told CTV consumer reporter Pat Foran.

Myers adds that for many Canadian manufacturers the recent 30-year-record highs -- the loonie reached 98.51 cents US Wednesday afternoon -- are anything but good news. A higher Canadian dollar means that many manufacturers, who are already facing increased costs because of high energy prices, will face huge drops in export sales.

But Cran says consumers need to take action if they want to benefit from a strong Canadian dollar. He's calling on consumers to contact their members of Parliament to let them know they won't be gouged. He says that once politicians see shoppers going to the U.S., they'll finally act to protect consumers.

With files from The Canadian Press