|
#1
|
|||
|
|||
Re: Rising Canadian Dollar!
Here's a way to get some extra EV out of the situation. Cash out and get it mostly in quarters. You may have to go to a local bank. Now cross the border into the states and start making a lot of frivolous purchases. Each time you buy something, slip in at least 2 or 3 Canadian quarters. We won't notice, and even if we do we won't care too much. That's gotta save you like $.50 on each purchase.
|
#2
|
|||
|
|||
Re: Rising Canadian Dollar!
[ QUOTE ]
Here's a way to get some extra EV out of the situation. Cash out and get it mostly in quarters. You may have to go to a local bank. Now cross the border into the states and start making a lot of frivolous purchases. Each time you buy something, slip in at least 2 or 3 Canadian quarters. We won't notice, and even if we do we won't care too much. That's gotta save you like $.50 on each purchase. [/ QUOTE ] Haha, good answer. |
#3
|
|||
|
|||
Re: Rising Canadian Dollar!
I have a friend who tried a similar scheme about 10 years ago, except what he did was get rolls of quarters from a Canadian bank, bring them back (I live in suburban Detroit, right across from Windsor, Ontario) and slip 2-3 into rolls of American quarters, and cash them in at various banks. The problem was it took him forever, and about 1/2 way through one of the banks that he went to once too often caught on and threatened to inform the FBI (I'm sure they wouldn't have actually done it over such a small amount of money, but it scared him enough to drop the plan). He was then stuck with $150 in Canadian quarters that he had to lug back across the border, and made so little profit it wasn't worth the time or effort.
And actually most shops/restaurants/etc. here in Detroit DO notice if you try to give them Canadian quarters, and they won't take them. So the best plan is to stick to making money the old fashioned way: bonus whoring. |
#4
|
|||
|
|||
Re: Rising Canadian Dollar!
The general consensus is that the $CDN will continue to appreciate for the next year or so. One expert in the US is predicting it going all the way to 1.06.
It is due to the weakening USD and strong global demand for Canadian resources. The smart thing to do would be to convert all excess cash back to Canadian now (beyond immediate playing needs) and then mvoe it back to USD whenever needed or when the $CDN hits .85 and/or .90. If you keep it in USD, then you are going against the trend and taking unecessary risks. I moved most of my USD back to CDN at .71 and I'd switch back if the $CDN drops to .75 |
#5
|
|||
|
|||
Re: Rising Canadian Dollar!
This isn't an anti-war rant, but as long as the US gov't continues to print money they don't have to subsidize the war in Iraq, the U.S. dollar will probably continue its downward slide.
Bug |
#6
|
|||
|
|||
Re: Rising Canadian Dollar!
honestly the billions of dollars they print have no affect on this, when you take into account we are a multi trillion dollar ecomoney. The national debt in percentage of GDP is at nrealy the same percentage as in the 90's, please stop assuming things you dont know about. This is only a minor factor in the fall of the dollar.
|
#7
|
|||
|
|||
Re: Rising Canadian Dollar!
Move.
[ QUOTE ] Any currency experts have advice? [/ QUOTE ] |
#8
|
|||
|
|||
Re: Rising Canadian Dollar!
When I spent a year in USA the pound was 1 - 1.57 Dollars.
Now it is 1 - 1.82. This means that a 1000 pounds has gone from being 1570 dollars to 1820 dollars. |
#9
|
|||
|
|||
Re: Rising Canadian Dollar!
Mines in pounds it stinks, I lost 20% so far. I can't decide whether to cash out or put more in. Blah
Regards Mack |
#10
|
|||
|
|||
Re: Rising Canadian Dollar!
I'm not a currency expert per se, but my MBA concentration was International Finance (and I'm an investment analyst), so I guess I'm close.
My question for you is: why take currency bets? Yes it looks like the USD could drop further, especially if Bush wins the election (which Electoral Vote projections are starting to show that he will). And while current PM Paul Martin did a great job as Finance Minister, his minority government isn't likely to stay together for too long - and if there's one thing markets (including currency markets) don't like, it's uncertainty. Even if Martin wins a majority in the next election, he seems to be marching to a much different drummer these days than when he held the Finance portfolio. If he loses the next election, do you really have any faith in Prime Minister Steven Harper to keep the economy going? Either way I think there's a cap on how far the Canadian Dollar can climb. I CERTAINLY do NOT see the CAD reaching par with USD. Assuming a Bush victory, 2 scenarios are likely: 1) he continues to drag the U.S. into more and more military fiascos, ruining the economy, and dragging the Canadian economy with it - thus a limited rise in CAD, 2) Iraq starts to go better, the US economy recovers as expected, and USD rises. Either way the CAD has limited appreciation potential against USD. The bottom line is, if you want to take a bet that CAD will rise further, cash out now and ride the wave. Otherwise wait. As I said I don't see 1CAD=1USD happening anytime soon (or ever). I'd base your decision more on funding poker than on economics. The odds are better at poker. |
|
|