tigger Posted October 20, 2008 Report Share Posted October 20, 2008 (edited) I know it is beneficial for the manufactoring sector; but seeing as our banks seemed to come out fareley well compared to the majority of all the other first world Nations' Banks .How did our dollar take such a nose dive so rappidly? Edited October 20, 2008 by Guest Link to comment Share on other sites More sharing options...
bradm Posted October 20, 2008 Report Share Posted October 20, 2008 I wonder if currency traders are maybe seeing Canada as a more chaotic (or less attractive) place to invest (across the board, not just in the banking sector), and so aren't buying dollars on the currency exchanges; the reduced demand drives the price of dollars down.Aloha,Brad Link to comment Share on other sites More sharing options...
Thorgnor Posted October 21, 2008 Report Share Posted October 21, 2008 Or they're expecting a further industrial slowdown due to further slumping in the U.S. and the forcast of a long recession. The badness has really just begun. Link to comment Share on other sites More sharing options...
Basher Posted October 21, 2008 Report Share Posted October 21, 2008 The Canadian dollar is tied to commodity prices, which have nosedived. We are also exporters, and when your customers can't get credit it is bad. Link to comment Share on other sites More sharing options...
tigger Posted October 21, 2008 Author Report Share Posted October 21, 2008 Thanks for the ideas. There was some mention on the news just before our election that a Conservative government could hurt our financial outlook. Link to comment Share on other sites More sharing options...
boiler Posted October 21, 2008 Report Share Posted October 21, 2008 All currencies are diving. Plus, I think the money is being poured into the American dollar right now. Even though their economy has crashed the American dollar is still the most important currency in the world (like it or not). It's a safe haven to have it on a currency that will always exist. Whereas some other currencies in smaller countries could vanish. And which currency would they then rely on?... The U.S. Link to comment Share on other sites More sharing options...
Schwa. Posted October 21, 2008 Report Share Posted October 21, 2008 (edited) what basher said....i'm wondering if in 10 years the most widely used currency won't be the Euro. US better pull up their socks or they won't even have their own money.Here is some light reading, not a long article but it'll get ya thinking. Collapse of the American Dollar Oh, and it was written in '04. funny to see how much of what they predicted has come true 4 years later. Edited October 21, 2008 by Guest Link to comment Share on other sites More sharing options...
MoMack Posted October 21, 2008 Report Share Posted October 21, 2008 The Canadian dollar is tied to commodity prices, which have nosedived. We are also exporters, and when your customers can't get credit it is bad.Agreed. Although I would have thought that the various U.S. bailout packages would have devalued their currency.I may be wrong, but as I understand it, when our dollar was highest in the past year or two, it was actually still going down in value on a global scale. It was only worth more versus the U.S. dollar because it was doing even worse. I would have expected the same, even with the decreasing commodities prices.[and boy oh boy am I kicking myself for not changing my "show savings" account to U.S. 3 weeks ago when it was at $.96 and I was in the bank and the buyout was in Congress or the Senate and I hypothesized as above. In other words, don't take financial advice from me.] Link to comment Share on other sites More sharing options...
Schwa. Posted October 21, 2008 Report Share Posted October 21, 2008 There was a brief time there in the summer when our dollar was huge against the US dollar that we gained some ground on the Euro, but it righted itself shortly after. Otherwise, you're right Mo. Link to comment Share on other sites More sharing options...
boiler Posted October 22, 2008 Report Share Posted October 22, 2008 Link to comment Share on other sites More sharing options...
tigger Posted October 22, 2008 Author Report Share Posted October 22, 2008 thanks ,I also wondered about the idea that some way currencies were tide loosely to the future potential that a particular Nation or Nations had to generate bussiness .Still with all our resources which is like money in the Bank still wondering.Also not all currencies can go down isn't like the scale in Lady of justices hand. Link to comment Share on other sites More sharing options...
Velvet Posted October 22, 2008 Report Share Posted October 22, 2008 As someone ignorant to currency fluctuations, I wonder:I will be changing Canadian dollars to Euros in a few weeks. Should I do this now, or should I wait? Link to comment Share on other sites More sharing options...
Schwa. Posted October 22, 2008 Report Share Posted October 22, 2008 Canadian dollar dipped below 80 cents today. horrible time to be converting to Euros. To answer your question though i really don't know if it will rise or drop in the coming weeks. Link to comment Share on other sites More sharing options...
Velvet Posted October 22, 2008 Report Share Posted October 22, 2008 But is the Euro going down as well? Link to comment Share on other sites More sharing options...
MoMack Posted October 22, 2008 Report Share Posted October 22, 2008 Basically its all a mess right now and changes day to day. I would think the Euro would be stronger than CAD or USD - but thats based on nothing more then Europe '72 being a great tour.I'm hitting the US in a couple weeks. My strategy right now is to check the rate a few times a day - if it gets back up to $0.85 I'll head straight to the bank and change my money over. I don't think its going to happen though. Link to comment Share on other sites More sharing options...
Velvet Posted October 22, 2008 Report Share Posted October 22, 2008 Strangely, I don't remember Harper mentioning this eventuality during the election. I suppose it caught him unawares. Link to comment Share on other sites More sharing options...
Birdy Posted October 22, 2008 Report Share Posted October 22, 2008 The euro is dropping as there's speculation the European central bank is going to cut interest rates again. If I were converting to euros I'd do it now... it's the lowest it's been in four years... or so I seem to recall reading somewhere. I'd speculate it's not going to gain *much* ground, if any before you have to cash in your dollars.I just converted some money into pounds for a trip over to England on Saturday... 49cents = 1 pound... OUCH. Link to comment Share on other sites More sharing options...
Freak By Night Posted October 22, 2008 Report Share Posted October 22, 2008 49cents = 1 pound... OUCH. That sounds like a bargain! (I think you have that backwards) Link to comment Share on other sites More sharing options...
Birdy Posted October 22, 2008 Report Share Posted October 22, 2008 Really? $800 Canadian got me just under 400GBP. Doesn't feel so bargainy... Link to comment Share on other sites More sharing options...
Birdy Posted October 22, 2008 Report Share Posted October 22, 2008 oh wait.. haha.. i see what you're saying! backwards... er. 1 dollar CAD got me 49 pence! Link to comment Share on other sites More sharing options...
Velvet Posted October 22, 2008 Report Share Posted October 22, 2008 *slowly backing away from Birdys financial advice* Link to comment Share on other sites More sharing options...
d_rawk Posted October 22, 2008 Report Share Posted October 22, 2008 (edited) In one way I couldn't be happier - converting USD to CAD right now is like the old times: free money.On the other hand, Americans are having trouble pulling together the funds to send out those cheques, and that is scary. Edited October 22, 2008 by Guest stray apostrophe Link to comment Share on other sites More sharing options...
Birdy Posted October 22, 2008 Report Share Posted October 22, 2008 *slowly backing away from Birdys financial advice* Good idea! haha.. Link to comment Share on other sites More sharing options...
MoMack Posted October 22, 2008 Report Share Posted October 22, 2008 http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=11522443 Link to comment Share on other sites More sharing options...
Basher Posted October 22, 2008 Report Share Posted October 22, 2008 I saved about $80 by watching the currency closely on Friday and then converting my money online to US funds as soon as the CDN dollar started to dip again. I paid $1.1960 to buy my US dollars, and right now it costs $1.2716 to buy the same money at TD EasyWeb.Crazy how fast this stuff is moving. Link to comment Share on other sites More sharing options...
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