Canadians - what are you going to do with your american dollars.. convert?

[Myst]

Are you gonna convert them as soon as you can to CDN currency?

i hear the US dollars gonna hit 85 cents by end of next year.. so what should we do? let it sit in our US accts? what if canadas dollar continues to rise?

[Paraskass]

I stopped converting it at 1.20-1.25

Keep it in your US account if you can.

Canada cannot let it's dollar keep getting stronger.

A strong canadian dollar will destroy OUR economy.

85% of what we produce is exported, and NOBODY is going to buy it if it's expensive. They'll start buying from cheaper countries.

Nothing has been done yet, but companies are already loosing contracts and laying people off.

[WarChild]

Originally posted by Paraskass
I stopped converting it at 1.20-1.25

Keep it in your US account if you can.

Canada cannot let it's dollar keep getting stronger.

A strong canadian dollar will destroy OUR economy.

85% of what we produce is exported, and NOBODY is going to buy it if it's expensive. They'll start buying from cheaper countries.

Nothing has been done yet, but companies are already loosing contracts and laying people off.

Pretty much exactly right. It's really killing the BC Forest Industry.

[Paraskass]

Originally posted by WarChild
Pretty much exactly right. It's really killing the BC Forest Industry.

it will kill any industry.

They are letting it go now because people like it. Because they think they have more money and can take trips to the US and shit, and it's true...

but you'll see the government play with the interest rates soon and make it drop.

to be competitive, the Canadian dollar should be worth about 0.65$ US.

[NinjaSteve]

"A strong canadian dollar will destroy OUR economy"

That's kind of a strange statement. However even if it's true, it's just odd to hear somebody say that.

[directfiesta]

Originally posted by NinjaSteve
"A strong canadian dollar will destroy OUR economy"

That's kind of a strange statement. However even if it's true, it's just odd to hear somebody say that.

When a country's economy is based on raw product ( wood, oil, ... ) , a high currency hurt.

But in this case, it is not really OUR dollar that is high, but the US that is low.

So we can still export to other countries ... than the US, tough they are our main trading partner.

[BradM]

Exactly. Our main business is export.

[Steen2]

It's great that our dollar is so high in one term, but it does really hurt small and large international trade/business.

[Steen2]

Originally posted by BradM
Exactly. Our main business is export.

Shush traiter

[Project-Shadow]

I'm in the U.K.. so doesn't apply to me directly, but i'm cashing everything in as soon as I get it.. cause I can't see the dollar picking up for at least another few years.

[sacX]

Originally posted by Myst
Are you gonna convert them as soon as you can to CDN currency?

i hear the US dollars gonna hit 85 cents by end of next year.. so what should we do? let it sit in our US accts? what if canadas dollar continues to rise?

probably the best idea is to exchange some and hold some.

There aren't many reasons for the USD to strengthen in the short term, so be prepared to hold for a long time (with a negative real return).

Another alternative is to buy options to sell USD @ a certain rate in the future.
Gives you a level of protection.

[qwe]

so no one thinks that USD dollar will stop droping and start rising anytime soon ?

[directfiesta]

Originally posted by qwe
so no one thinks that USD dollar will stop droping and start rising anytime soon ?

Would need a lot of Viagra to " rise " ....

I don't fucking know anymore

it is becomming a PAIN IN THE ASS to go eat at restaurants, go shopping, go out, because every penny I spend is converted from US$ at fucking 1.22

[qwe]

Originally posted by bdjuf
I don't fucking know anymore

it is becomming a PAIN IN THE ASS to go eat at restaurants, go shopping, go out, because every penny I spend is converted from US$ at fucking 1.22

it's at 1.18 today

[DirtyRider]

I remember the days when the US dollar converted to 1.60 canadian :-\

[FlyingIguana]

Originally posted by Paraskass
I stopped converting it at 1.20-1.25

Keep it in your US account if you can.

Canada cannot let it's dollar keep getting stronger.

A strong canadian dollar will destroy OUR economy.

85% of what we produce is exported, and NOBODY is going to buy it if it's expensive. They'll start buying from cheaper countries.

Nothing has been done yet, but companies are already loosing contracts and laying people off.

the states still has a huge trade deficit with canada. the USD can still drop a lot.

some countries are realizing that a stronger currency is good. for us, its helped up growth and asset values. you have to look at the big picture. in a developing country a low currency is great, but it doesn't increase the standard of living.

[CraveContent]

Originally posted by Paraskass
I stopped converting it at 1.20-1.25

Keep it in your US account if you can.

Canada cannot let it's dollar keep getting stronger.

A strong canadian dollar will destroy OUR economy.

85% of what we produce is exported, and NOBODY is going to buy it if it's expensive. They'll start buying from cheaper countries.

Nothing has been done yet, but companies are already loosing contracts and laying people off.

Right on the MONEY so to speak!

[Steen2]

Originally posted by DirtyRider
I remember the days when the US dollar converted to 1.60 canadian :-\

Also when it converted 1 to 1?

[CraveContent]

I know the exchange has hurt a lot of businesses. We haven't converted anything in a while, best thing to do is let it sit in your US account till things get better.

[Jay_StandAhead]

Originally posted by Paraskass
it will kill any industry.

They are letting it go now because people like it. Because they think they have more money and can take trips to the US and shit, and it's true...

but you'll see the government play with the interest rates soon and make it drop.

to be competitive, the Canadian dollar should be worth about 0.65$ US.

They can't play with interest rates too much to make the dollar drop. If they lower the interest rate in an atempt to be closer to the rate in the USA, we'll see inflation.

The country's economy is in EXCELLENT shape, and even with a stronger dollar we still manage surpluses.

A few businesses will be hit, of course, but overall, we won't be affected as much as we think.

We export oil, so the higher the price of oil, the stronger the dollar will be.

The CAD will reach 85 cents by the end of THIS year, and will be at par with the USD by the end of NEXT year, whether we like it or not.

We have the strongest economic growth in the G7, even if our dollar have been WAY OVER 65cents for over a year.

[Jay_StandAhead]

Everyone who's keeping USD balances hoping things will get better is in for a bitter surprise.

things will NOT get better. Look at the all the data available, everything points to a dollar at PAR with the USD within 18 months at the MOST.

When the dollar first rose around 72 cents in May '03, lots of people were predicting massive layoffs and decline in our exports, but it didn't happen. We managed to lower the unemployment rate, get a massive surplus and a good economic growth. We will feel the effect of a dollar worth 85 cents, but our growth and interior market demand should keep us from recession, which means the dollar won't sink back under 75 cents.

Our country's finances are in order, as opposed to our neighbors from the south.

It sucks, but we have to be prepared.

[flashfire]

I would exchange it whenever there is a modest drop...its gonna get worse and worse 85 cents by the end of the year? 83.50 now....seems like 85 cents by the end of the month

[dcortez]

Cash and spend asap.

All indicators suggest that the Canada/Us ratio is going to continue shifting in favour of Canada at face value.

The side effects (export/import) are generally opposite so one person's plus is another person's minus.

If you've got enough to cover your basic way of life and can think about stashing dough in it's original currency while holding out for more promising exchange, then you're already doing better than many and a few points here/there are messing with your icing but not the cake.

In 1998, one of my mainstream projects was enjoying an extra $15,000-$20,000/month in the exchange bonus alone when converting from $US to $CD.

Thank-you President Clinton!

Now we all have to work a lot harder to land the same net value.

-Dino

[Myst]

cash n spend or keep n save?

[Basic_man]

I dont trust epassporte enough to keep my money in my account !

[WiredGuy]

Buy from US companies in USD to minimize losses.
Write off the losses as capital losses come year end (lowers income).
Save like crazy until it recovers and hope for the best.

WG

[rambler]

Originally posted by Jay[neX]
They can't play with interest rates too much to make the dollar drop. If they lower the interest rate in an atempt to be closer to the rate in the USA, we'll see inflation.

The country's economy is in EXCELLENT shape, and even with a stronger dollar we still manage surpluses.

A few businesses will be hit, of course, but overall, we won't be affected as much as we think.

We export oil, so the higher the price of oil, the stronger the dollar will be.

The CAD will reach 85 cents by the end of THIS year, and will be at par with the USD by the end of NEXT year, whether we like it or not.

We have the strongest economic growth in the G7, even if our dollar have been WAY OVER 65cents for over a year.

I agree.
Thankfully there is someone here who knows what they are talking about.

[Monk]

Unless you know what you are doing in the currency markets (or have a crystal ball).... it might be best to just keep converting your USD into CAD as you earn them.

This has the effect of smoothing the fluctuations, rather than hording USD in the 'hopes' of a dollar turnaround that may never come.

[sake]

It's at $1.00 USD = $1.1764 CDN today

this is with TDcanadatrust

[Vitasoy]

Originally posted by sake
It's at $1.00 USD = $1.1764 CDN today

this is with TDcanadatrust

I could have swore I saw it at 1.20 yesterday

[dcortez]

Originally posted by sake
It's at $1.00 USD = $1.1764 CDN today

Ouch!

My revenues are mostly US but by expenses are mostly CDN - this is like demoted every month.