Canadian Dollar - buy now or wait it out??

[redrosesix]

Just wanted to let everyone know what I've been listening to the last couple of days -- most of the analysts on BNN are forecasting a fall in the price of gold, continuing to move downward from here, and bottoming at around $750 per ounce. If you own shares of gold miners that you like, you can hold. New purchases may be best when gold hits the new bottom.

Can $ expected to fall next week, even though Bank of Can is not expected to raise the interest rates (CIBC World Markets) -- this is the only reliable short range forecast I have found recently. They are still expecting the US dollar to fall later this year, so are sticking with the forecast that I posted before.

 

[minnie56]

I just transferred some into my USD acct and it was just a little above $1.23 to buy..not bad at all given that 2 weeks ago prior to me going to Florida and then a cruise it was $1.28+!

 

[redrosesix]

I just transferred some into my USD acct and it was just a little above $1.23 to buy..not bad at all given that 2 weeks ago prior to me going to Florida and then a cruise it was $1.28+!

Awesome! There was an up-tick in the dollar the past 2 weeks. I don't even want to think about the rate I paid in Feb.

 

[bunnyfoo]

Picked some up yesterday at just under $1.21 noticed it's back up by almost $0.01 today. I usually just leave a window to my bank account open and if the rate is good, I'll exchange money. I'm hoping it stays this way for a while.

 

[rewok]

Just paid 100$ on my trip Wednesday, it cost me 123.34, not bad. I'll see how this plays out, and will pay small increments on it to average out things. I also got 350$US cash from the bank for our shopping trip next week-end, so I'm not hostage to my credit card exchange rate, which somehow acts strange on week-ends sometimes.

 

[Cruiser1969]

How does weekend dollar exchange rate work? Does the rate still fluctuate, or is it the same all weekend? TIA

 

[beavdisfan]

based on what i have read i would buy u.s. dollar if the exchange is 20% or better. paying 1.20 is not too bad.
the canadian stock market has had 6 consecutive positive weeks, maybe things are turning around and that would indicate our dollar is going higher as our economy is in much better shape than the u.s.
i need u.s. for dis. next week and again next feb so i'm hanging on before i buy for next year.
that having been said
it's a crap shoot
good luck

 

[beavdisfan]

the dollar stays the same from close on fri. until open on mon. but there are limited places to buy on week-ends

 

[beavdisfan]

Just wanted to let everyone know what I've been listening to the last couple of days -- most of the analysts on BNN are forecasting a fall in the price of gold, continuing to move downward from here, and bottoming at around $750 per ounce. If you own shares of gold miners that you like, you can hold. New purchases may be best when gold hits the new bottom.

Can $ expected to fall next week, even though Bank of Can is not expected to raise the interest rates (CIBC World Markets) -- this is the only reliable short range forecast I have found recently. They are still expecting the US dollar to fall later this year, so are sticking with the forecast that I posted before.

i agree. i'm not buying my u.s. for next feb until i see what happens in the fall.
i have heard our dollar as high as .95 cents. that would be good.

 

[redrosesix]

i agree. i'm not buying my u.s. for next feb until i see what happens in the fall.
i have heard our dollar as high as .95 cents. that would be good.

That would be a dream come true for me

 

[bdtracey]

Alright I've got a question for all of you pros out there.

If I open up a US Account at my bank and start putting money in there regularly to take advantage of Dollar Cost Averaging how should I go about paying the balance on my trip? I usually just keep my vacation money in my CDN$ account, pay for the trip on my MasterCard, then pay off the MasterCard. I realize that I'll be able to pay off the MC by using my US$ account but isn't it likely that I'll end up paying more in the long run?

 

[minnie56]

Get a U.S Mastercard or Visa...don't want to have to lose exchanging it back!
Or send a U.S Dollar cheque to pay the balance ahead of arrival.

 

[redrosesix]

I just realized that with the spread between what RBC charges me for US $ and what they pay, I'm actually paying more than 2.5 % exchange rate fee by putting my money in a US $ savings account -- I'd be better off using my Can $ CC, since at least I'd be getting points for my purchases.

Now I'm shopping around for a better rate (so far ING is in the lead) and I'm going to have to go back and read that whole Sticky again.

 

[chimo2u]

Get a U.S Mastercard or Visa...don't want to have to lose exchanging it back!
Or send a U.S Dollar cheque to pay the balance ahead of arrival.

Yikes!! I hope using a money order works too for paying off the final balance. I just went to the bank and got a $5,124.00 US funds money order, zipped over to the postal office, and bought one of those US XPress Post envelopes for $ 13.55 to mail the final payment. This way I could track that it got to them as well, I have a confirmation that it was sent. I hope it works out ok and my balance is paid off without a hitch

 

[minnie56]

Oh yes-I am sure a money order is perfectly fine too. I merely mentioned a Chq because the OP has a USD acct. That's all..

 

[Janice B]

Yikes!! I hope using a money order works too for paying off the final balance. I just went to the bank and got a $5,124.00 US funds money order, zipped over to the postal office, and bought one of those US XPress Post envelopes for $ 13.55 to mail the final payment. This way I could track that it got to them as well, I have a confirmation that it was sent. I hope it works out ok and my balance is paid off without a hitch

We paid our balance off a couple of years ago with a money order and never had a problem. If you signed up on disneys web site, you should be able to go in and look at your account. I'd wait a about a week then check to see if your balance is at 0.