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

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  • Myst
    Confirmed User
    • Feb 2004
    • 4708
    #1

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

    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?
    ICQ: 298-523-037
    Tags: None
    • Paraskass
      Confirmed User
      • May 2002
      • 5829
      #2
      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.

        Comment

        • WarChild
          Let slip the dogs of war.
          • Jan 2003
          • 17263
          #3
          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.
          .

            Comment

            • Paraskass
              Confirmed User
              • May 2002
              • 5829
              #4
              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.

                Comment

                • NinjaSteve
                  Too lazy to set a custom title
                  • Dec 2003
                  • 11089
                  #5
                  "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.
                  ...

                    Comment

                    • directfiesta
                      Too lazy to set a custom title
                      • Oct 2002
                      • 30198
                      #6
                      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.
                      I know that Asspimple is stoopid ... As he says, it is a FACT !

                      But I can't figure out how he can breathe or type , at the same time ....

                        Comment

                        • BradM
                          Confirmed User
                          • Dec 2003
                          • 3397
                          #7
                          Exactly. Our main business is export.

                            Comment

                            • Steen2
                              Confirmed User
                              • Feb 2004
                              • 7662
                              #8
                              It's great that our dollar is so high in one term, but it does really hurt small and large international trade/business.
                              ICQ: 2262.73945

                                Comment

                                • Steen2
                                  Confirmed User
                                  • Feb 2004
                                  • 7662
                                  #9
                                  Originally posted by BradM
                                  Exactly. Our main business is export.
                                  Shush traiter
                                  ICQ: 2262.73945

                                    Comment

                                    • Project-Shadow
                                      Confirmed User
                                      • Feb 2003
                                      • 7340
                                      #10
                                      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.

                                        Comment

                                        • sacX
                                          Confirmed User
                                          • Dec 2002
                                          • 2998
                                          #11
                                          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.
                                          Have Asian Language Traffic?

                                            Comment

                                            • qwe
                                              Confirmed User
                                              • Jul 2003
                                              • 2109
                                              #12
                                              so no one thinks that USD dollar will stop droping and start rising anytime soon ?

                                                Comment

                                                • directfiesta
                                                  Too lazy to set a custom title
                                                  • Oct 2002
                                                  • 30198
                                                  #13
                                                  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 know that Asspimple is stoopid ... As he says, it is a FACT !

                                                  But I can't figure out how he can breathe or type , at the same time ....

                                                    Comment

                                                    • buddyjuf
                                                      #14
                                                      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

                                                        Comment

                                                        • qwe
                                                          Confirmed User
                                                          • Jul 2003
                                                          • 2109
                                                          #15
                                                          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

                                                            Comment

                                                            • DirtyRider
                                                              Confirmed User
                                                              • Feb 2003
                                                              • 832
                                                              #16
                                                              I remember the days when the US dollar converted to 1.60 canadian :-\
                                                              Currently selling for me: Paper Street Cash (MomPerv, ShopLyfter, Swappz, Family Strokes)

                                                                Comment

                                                                • FlyingIguana
                                                                  aspiring banker
                                                                  • Mar 2002
                                                                  • 10870
                                                                  #17
                                                                  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.

                                                                    Comment

                                                                    • CraveContent
                                                                      Confirmed User
                                                                      • Apr 2004
                                                                      • 319
                                                                      #18
                                                                      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!
                                                                      Crave Content
                                                                      Dave Macdonald
                                                                      ICQ: 224-745-219

                                                                        Comment

                                                                        • Steen2
                                                                          Confirmed User
                                                                          • Feb 2004
                                                                          • 7662
                                                                          #19
                                                                          Originally posted by DirtyRider
                                                                          I remember the days when the US dollar converted to 1.60 canadian :-\
                                                                          Also when it converted 1 to 1?
                                                                          ICQ: 2262.73945

                                                                            Comment

                                                                            • CraveContent
                                                                              Confirmed User
                                                                              • Apr 2004
                                                                              • 319
                                                                              #20
                                                                              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.
                                                                              Crave Content
                                                                              Dave Macdonald
                                                                              ICQ: 224-745-219

                                                                                Comment

                                                                                • Jay_StandAhead
                                                                                  Confirmed User
                                                                                  • Jul 2002
                                                                                  • 3103
                                                                                  #21
                                                                                  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.

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                                                                                    • Jay_StandAhead
                                                                                      Confirmed User
                                                                                      • Jul 2002
                                                                                      • 3103
                                                                                      #22
                                                                                      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.

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                                                                                        • flashfire
                                                                                          ICQ 1 6 7 8 5 3 4 9 2
                                                                                          • Feb 2003
                                                                                          • 13098
                                                                                          #23
                                                                                          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

                                                                                            Comment

                                                                                            • dcortez
                                                                                              DINO CORTEZ™
                                                                                              • Jun 2003
                                                                                              • 2145
                                                                                              #24
                                                                                              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

                                                                                                Comment

                                                                                                • Myst
                                                                                                  Confirmed User
                                                                                                  • Feb 2004
                                                                                                  • 4708
                                                                                                  #25
                                                                                                  cash n spend or keep n save?
                                                                                                  ICQ: 298-523-037

                                                                                                    Comment

                                                                                                    • Basic_man
                                                                                                      Programming King Pin
                                                                                                      • Oct 2003
                                                                                                      • 27360
                                                                                                      #26
                                                                                                      I dont trust epassporte enough to keep my money in my account !
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                                                                                                        • WiredGuy
                                                                                                          Pounding Googlebot
                                                                                                          • Aug 2002
                                                                                                          • 34516
                                                                                                          #27
                                                                                                          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
                                                                                                          I play with Google.

                                                                                                            Comment

                                                                                                            • rambler
                                                                                                              Confirmed User
                                                                                                              • Jun 2004
                                                                                                              • 745
                                                                                                              #28
                                                                                                              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.

                                                                                                                Comment

                                                                                                                • Monk
                                                                                                                  Confirmed User
                                                                                                                  • Jan 2003
                                                                                                                  • 631
                                                                                                                  #29
                                                                                                                  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.

                                                                                                                    Comment

                                                                                                                    • sake
                                                                                                                      Confirmed User
                                                                                                                      • Apr 2002
                                                                                                                      • 2648
                                                                                                                      #30
                                                                                                                      It's at $1.00 USD = $1.1764 CDN today

                                                                                                                      this is with TDcanadatrust

                                                                                                                        Comment

                                                                                                                        • Vitasoy
                                                                                                                          GFY HALL OF FAME DAMMIT!!!
                                                                                                                          • Oct 2003
                                                                                                                          • 58202
                                                                                                                          #31
                                                                                                                          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


                                                                                                                          [email protected]

                                                                                                                            Comment

                                                                                                                            • dcortez
                                                                                                                              DINO CORTEZ™
                                                                                                                              • Jun 2003
                                                                                                                              • 2145
                                                                                                                              #32
                                                                                                                              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.

                                                                                                                                Comment

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