Why the American Economy is hurting Canadian poker players

[boose_bagina]

No one is pushing for the American Economy to improve more then Canadians with thousands $ online in USD funds.

Today: $1USD = $1.17CAD
June: $1USD = $1.26CAD
Jan/02: $1USD = $1.60CAD
http://ichart.yahoo.com/z?s=USDCAD=X&z=m&t=my

Just curious, but does the US dollar have any effect on American players?

[crazy canuck]

I really don't want to think about how much I lost over the last 3 years because of this.

On the bright side it's cheaper to go to Vegas and we don't have to hear those lame american jokes referring to our weak loonie.

[SammyKid11]

[ QUOTE ]
Just curious, but does the US dollar have any effect on American players?

[/ QUOTE ]

Considering that the value of the US dollar pervades every aspect of almost every American's life (even in ways most don't understand), yeah - I'd say it does. For me, I do quite a bit of business in Britain, and my dollars don't go very far there.

[Go Blue]

If this is seriously costing you a significant amount of money, then you should consider hedging against this. I'm not 100% sure on how the exact process works, but just as you (a Canadian) can buy USDs if you think they will appreciate relative to the CND, you can short the USD in this case against someone who thinks the opposite. In my opinion, it's not worth doing because you're not really losing a LOT of money unless you have at least tens of thousands of dollars online. But you can think of like this: it might be costing you money now, but pretty soon, the USD will likely appreciate versus the CND and you will have made extra money as a result.

[MicroBob]

indeed.

having a load of money that you hav ebuilt up for several wks/mths would suck and obviously you would want to consider delaying cashing-out if realistic.

But the American dollar isn't going to be struggling forever (we hope).
I would strongly consider using some of those Canadian dollars to BUY some American bucks.


I don't really follow it....I had NO idea that the American dollar was THAT low compared to the Canadian dollar.
I'm used to it being in the $1.50 - $1.70 range.

[DrawDeadJed]

This isn't an anti-U.S. post, but as long as the U.S. gov't continues to spend hundreds of millions of dollars per day in Iraq, the U.S. dollar is buggered. Particularly when you couple that with the two recent hurricane disasters. The U.S. dollar started its downward spiral right around the same time as the "weapons of mass destruction" campaign began. When you're using internal money for an external purpose, the effects on the economy can be (and apparently are) crippling.

[TStoneMBD]

from what i understand, alot of investing giants are investing in foreign currencies for their long term strategies. if thats true then you should be expecting a long-term decline in USD.

as far as this thread goes, youd probably get more intellectual discussion in the stock market forum. if you were just trying to notify the internet gambling community of this problem however, then this is the right place.

[MicroBob]

yeah...I admit that I don't know diddly about such things.

just amazed to see the Canadian dollar so low because I just hadn't been following it.


If there are ideas that the american dollar will continue to decline then does that mean that it's possible the Canadian dollar could actually be worth MORE than the American dollar in awhile?

[daryn]

[ QUOTE ]
This isn't an anti-U.S. post, but as long as the U.S. gov't continues to spend hundreds of millions of dollars per day in Iraq, the U.S. dollar is buggered. Particularly when you couple that with the two recent hurricane disasters. The U.S. dollar started its downward spiral right around the same time as the "weapons of mass destruction" campaign began. When you're using internal money for an external purpose, the effects on the economy can be (and apparently are) crippling.

[/ QUOTE ]

and i'm not a racist, but...

[daryn]

[ QUOTE ]
does that mean that it's possible the Canadian dollar could actually be worth MORE than the American dollar in awhile?

[/ QUOTE ]


"LOL"