CAN/US Dollar Value? Any financial guys out there?

[Blk88GT]

I've got a couple grand in Canadian currency I need to exchange between now and the 26th. At the end of last week, the Canadian dollar was worth 85 cents US. Today it has dropped to 79 cents.

What's the forecast for your dollar value with your new president coming in next week? I figured that the value of your dollar would drop, but it seems to be doing the opposite?

Should I just exchange the money because it's not going to fluctuate that much?

Any help would be appreciated!

 

[JDKZRT]

Canadian dollar is more affected by the price of oil than anything going on in the US.
You should have sold your $$$ last week when oil was above $40

 

[alrevedup]

Canadian dollar is more affected by the price of oil than anything going on in the US.
You should have sold your $$$ last week when oil was above $40

Nymex Crude Future 33.40 -3.88 -10.41

 

[Blk88GT]

You know, you're probably right. I never even thought about that. Guess I'll convert it now!

 

[x-guy]

over the next year you will see the US dollar slowly gain ground against the worlds other leading currency, this is because with how much the US is pumping into the economy in the form of bailouts, and based on history, most speculate the US will be one of the first to come out of this worldwide recession, so alot of people are buying up US dollars because its currently the best option for a return, even though the return is close to zero, it beats alot of other currencies that are losing ground such as the russian ruble (down 30%) and chinese yuan for example, so they are running to where it is "safe". Once the rest of the world also comes out of the recession as well, those same people will remove their dollars from the US, and once again buy other foriegn currency with more risk, since the world economy is moving again, causing the US dollar to fall, to where no one knows.

As for the Canadian dollar, its based largely on natural resources, which right now are not in high demand since everything has ground to a halt, again once the world economy recovers, that demand will come back, and it will go up accordingly, until then I think you will see alot of fluctuation, I personally would not buy US dollars right now with my CDN money.

Thats my opinion anyways.

 

[Beels]

over the next year you will see the US dollar slowly gain ground against the worlds other leading currency, this is because with how much the US is pumping into the economy in the form of bailouts, and based on history, most speculate the US will be one of the first to come out of this worldwide recession, so alot of people are buying up US dollars because its currently the best option for a return, even though the return is close to zero, it beats alot of other currencies that are losing ground such as the russian ruble (down 30%) and chinese yuan for example, so they are running to where it is "safe". Once the rest of the world also comes out of the recession as well, those same people will remove their dollars from the US, and once again buy other foriegn currency with more risk, since the world economy is moving again, causing the US dollar to fall, to where no one knows.

As for the Canadian dollar, its based largely on natural resources, which right now are not in high demand since everything has ground to a halt, again once the world economy recovers, that demand will come back, and it will go up accordingly, until then I think you will see alot of fluctuation, I personally would not buy US dollars right now with my CDN money.

Thats my opinion anyways.

Good post.

This guy is going on a trip and wants to take cash, though. I end up in the same boat, but I quit worrying about it. My old lady is getting her masters in the US and lucked out on tuition this semester. Paid when the CDN dollar was near 85. If it goes too far the other way, student loans won't compensate enough. Not to mention rent and living expenses from that is fixed.

 

[Blk88GT]

Beels is right, it's not for investing. It's for spending foolishly for my upcoming trips

 

[alrevedup]

Canadian dollar options may lie with the Japanes Yen

 

[x-guy]

Beels is right, it's not for investing. It's for spending foolishly for my upcoming trips

well its a risk your just gonna have to take one way or another unfortunately, the CDN currency is going to be jumpy for a while, but I personally expect to see a rise in the next few days, depending on how the new opec type setup for natural gas that russia and venezuala is putting together works out, and if opec does anything else to try to stem the losses on crude, and as well when parliment comes back and the stimulas package is tabled, both have the possibility to change the CDN currency both positive and negative, but my gut feeling is positive, I would guess to see a 83-85 cent average for CDN currency for 2009 based on reports I have been reading.

In the end most drastic changes in our CDN currency are not so much based on what our country is doing, but what other countries currency is doing.