For the Love of.... Can-Am Exchange

[braydensmom]

So....I am heading to WDW on the 20th and was thinking that things were looking up with the exchange rate. So on Tuesday I took my money of the GIC I had been keeping it in to exchange....well in the 6 hours it took to have it put in my bank account the exchange rate had went from $0.97 to $0.94. So what does a person do???? Well a smart person probably would have exchange right there and then, but nope, not me....I thought, its going to raise again, and as I just checked on my lunch hour, the dollar is now sitting at $0.92
My $1200 Cad went from $1164 on Monday to $1104 today.

Any suggestions on whether to wait a few days or should i transfer now???

 

[BuffettBoy]

We are doing exactly the same thing, heading out on the 20th also. We decided to wait. No reason other then....hope. We hope it gets better.

 

[3Charbys]

ACK!! Don't tell me that I have to pay off my cruise soon!!!

Lets all cross our fingers toes and anything else and hope it gets a little closer to par soon!!!

 

[BELLEDOZER]

I'm in the same boat as you. I've been trying to save USD for our trip to DL in Feb/09. I've got a USD account that I can dump the US money I buy, so that I can avoid having large sums of money at home. But the CDN dollar has been very volatile against the USD, and it seems that there's no rhyme nor reason to the CDN dollars rise and fall against the USD. I can only hope for all of us that the CDN dollar starts to climb again against the USD. It's making me rather grumpy, as I'm trying to save money for our trip, and the dropping CDN dollar against the USD is making it more difficult to save the trip money. Have a great day!!

 

[braydensmom]

Are there any financial experts out there??? Or anyone who has any idea as to why as much as Canada is financial suffering right now, the U.S. is obviously suffering more, but our dollar continues to fall??? I just dont understand why.
I obviously should have switched all of my money over last week, and will be doing it today, because i dont see the canadian dollar rising at all in the next 10 days

 

[highland3]

Our dollar is very closely tied to the price of oil, so we're in a catch 22. We want the price of oil to drop so that gas prices come down, but every time it drops, the dollar drops too.

 

[bavaria]

Are there any financial experts out there??? Or anyone who has any idea as to why as much as Canada is financial suffering right now, the U.S. is obviously suffering more, but our dollar continues to fall??? I just dont understand why.
I obviously should have switched all of my money over last week, and will be doing it today, because i dont see the canadian dollar rising at all in the next 10 days

The Euro and the Canadian dollar have been overvalued compared to the US dollar for about a year, which greatly hurts exports and thus has a negative impact on the economy. American tourists have to pay more to visit, and American businesses have to pay more for export products, and American consumers have to pay more for manufactured goods. This means that tourism goes down, manufacturing sectors start to cut jobs, and exports are reduced.

The Euro was at 1,55 in early August and is around 1,35 now; it needs to be around 1,20. The Canadian dollar needs to be under 0,90.

While many here may like when the Cdn dollar/Euro is high because it means that they have short term benefits like cheaper shopping and vacations in America, it hurts in the long term.

Canada's turn is coming; European economies are really suffering now, as I predicted for the last year. Germany and Canada have very similar situations, and the storm clouds are growing for Canada, like it or not.

 

[braydensmom]

The Euro and the Canadian dollar have been overvalued compared to the US dollar for about a year, which greatly hurts exports and thus has a negative impact on the economy. American tourists have to pay more to visit, and American businesses have to pay more for export products, and American consumers have to pay more for manufactured goods. This means that tourism goes down, manufacturing sectors start to cut jobs, and exports are reduced.

The Euro was at 1,55 in early August and is around 1,35 now; it needs to be around 1,20. The Canadian dollar needs to be under 0,90.

While many here may like when the Cdn dollar/Euro is high because it means that they have short term benefits like cheaper shopping and vacations in America, it hurts in the long term.

Canada's turn is coming; European economies are really suffering now, as I predicted for the last year. Germany and Canada have very similar situations, and the storm clouds are growing for Canada, like it or not.

Thank you for your response, that does make a lot of sense in the long run, and I guess I was just be greedy. Seeing as I live in SW Ontario I should really look at this as a positive thing for my local economy, in hopes that the CAW will begin to prosper again.

Just wish I had switched my money over a week ago

 

[My 2 princesses]

to be the bearer of bad news, but 680 news just announced that it is down to 89.06.

 

[Beechnut]

This is of no use to you now, but last summer when the rates were over par, I bought an ING USD GIC . I only had 6 months before we travelled, so I thought a 3m one would be perfect and then when it came due, I would have money to book reservations, etc.

Mind you, then I found out about ADR and how everything needs to be booked 180 days in advance, so I ended up using my CC to book the ressies. The original plan backfired, but the up side is now I will have my us money for the travelling part of the trip, instead of the booking...

Check out ING for future use.