Canadian Dollar trading at $1.33- Updated now at $1.384

[MaMudduck]

This morning the U.S rate was $1.3387 CDN, this is the trading amount. Called the bank and it was selling at $1.36, good price! Moved some more over into my U.S. account. Next week will be up & down so keep your eye close to the exchange rate.

 

[Snowwark]

It's great having a financial advisor on our board! I'll keep my eye on our Canuck buck, Wendy! Thank you!

Now I'm wondering how many of us have an American account? I do, and I'm ready to transfer another looney or two into it...

 

[Scratch42]

And I've also used Wendy's idea of using an excel spreadsheet for all our PS's, ee days, etc. It's worked out great! Even the CM's I've dealt with over the phone said it was a good idea! When planning for 4 or 5 days it's easy to keep it all on one page but with 10 days this time it was becoming overwhelming trying to keep everything in order. This way will not book a time when I already have something booked!LOL

Thanks again!

Scratch

 

[MaMudduck]

Canadian Dollar Advances Towards Fifth Week of Gains in Six
July 4 (Bloomberg) -- The Canadian dollar headed for its fifth week of gains in six as investors bought the country's higher-yielding debt and some traders said the Bank of Canada may not need to cut interest rates to stimulate the economy.

Investors also bought the Canadian dollar this week as they anticipated a rebound in Toronto's economy, after the World Health Organization declared Canada's largest city free of a fatal lung disease that kept many tourists and shoppers at home. The U.S. dollar's decline against other currencies, such as the euro and the Swiss franc, also lured investors to the Canadian currency.
``The favorable economy, the interest-rate differential and the weakness of the U.S. dollar against all currencies -- it supports Canada and Canada's dollar,'' said Jack Spitz, director of foreign-exchange treasury and financial markets at National Bank of Canada in Toronto. ``The trend is still for the Canadian dollar to rally.''
Canada's dollar rose to 74.63 U.S. cents at 3 p.m. in Toronto, from 74.22 cents last Friday. It declined from 74.82 cents yesterday. A U.S. dollar buys C$1.3399. The Canadian dollar may trade at 75 U.S. cents by the end of August, Spitz said.




The article does go onto say that Sept. it may bounce back to 1.40, if interest rates go down....So keep watching!

 

[Scratch42]

Keep on growing!

Scratch

 

[bunnyfoo]

Originally posted by MaMudduck


The article does go onto say that Sept. it may bounce back to 1.40, if interest rates of up....So keep watching! [/B]

Even if that happens, it's much much better than the $1.60 at the beginning of the year. What a difference! I'm crossing my fingers that it will continue to go down

 

[excitedmom]

don't use a bank to buy your US lol find a small privately owned currency exchange shop and trade your canadian for us then put that in your us account. banks generally trade for a few cents higher than a privately owned place. i know, i own a currency exchange shop.

 

[MaMudduck]

I would if I could, but that's not an option here in Peterborough.

 

[hockey mom]

I find the one in the Oshawa centre(continental) trades at the same rate as the bank. They used to be better, but when I stopped by yesterday it was !.36 to buy, same as the bank was it not.

 

[cndncruiz]

This seems like a perfect place to ask the money questions I have.

First of all, we are heading to Disneyland at the end of August. I can not figure out how to bring my money or rather what type of money to bring. Meaning, do I put the money on a credit card, do I bring travellers cheques... what should I do?

Also about a US bank acct. How does that work? Can I just open a US account and put money into it when ever I want and watch it grow before a trip? I think it would be a great idea but have never thought of it until I read this thread.

TIA for your advice.

 

[katypop]

i'm lucky i can buy US currency at work. right now i can buy it for $1.32 i also have a US account so i can buy a little bit year round , makes it a little easier to budget for my trips this way

kathe

 

[MaMudduck]

Katypop- Where do you work to get it that cheap! Bank, Tomas Cook Office, Exchange office, US government office???!!!????

cndncruiz- Money for your trip- You can charge anything you like down in the U.S to any of your Cdn. Credit cards, (hotel, foods, gifts etc.) when you receive your statement you CC company uses the exchange rate the day of the charge + 2-3 points Fee. for example: $100. U.S (gift), the rate for that day (in the news) is $1.35, CC will charge you 1.37- 1.38 on your conversion and the Cdn amount is what you will be billed. $138.00CDN

The easiest thing to deal with in DL is by using U.S money! I don't think Americans think there is any other currency in the world
At your bank, you can buy U.S cash or U.S. travelers cheques, generally the rate you get from you bank for travellers checks with be lower than taking it in cash, just ask them for the rates for both. TC’s are definitely safer than carrying large amounts of cash, and you'll have NO PROBLEM cashing them in DL. When you buy them at your bank they'll just withdrawal the money from your account.

US account- no, it doesn't grow before your eyes , most of us here make many trips to the U.S. a year. So instead of going through the exchange rate bouncing all over the place, and exchanging U.S money BACK to Cdn if you some left over (LOL) we just put it into a U.S account. This is an account at your bank, that’s a " savings account" but it’s only in U.S. dollars, you put US in, and you withdrawal straight U.S. out. When we talk about it "growing”, we mean that we exchanged money from our CDN accounts and deposited it to our U.S one. Then there’s no panicking before our trips that the rate are back up to 1.62cdn ( like last year) when we know we bought it at $1.38
Sorry if this was too "basic" in my explanation, I wasn't trying to be insulting, I just wasn't sure how much you already knew so I explained EVERYTHING (that's the teacher in me). Hope this helps, any more questions..... feel free to ask away.

 

[cndncruiz]

Thanks MaMadduck -

Yes I appreciate your simple answers.

I understand what you are saying and of course alot of it is common sense.

We have been debating over whether to take TC or put it on a CC but I think we will take TC.

We have travelled before but not with our children and I want to keep things as simple as possible but of course want to get the most out of my money.

Thanks very much for your help

 

[DisFan2]

As opposed to later. The CDN$ just suffered its worst three day drop in 18 years! I think we'll be lucky to hang onto .72 by week's end.

 

[MaMudduck]

Yeah, I was just coming to post that. It's now trading at 1.38. What a change since the first post. But I did say it was going to bounce everywhere this week. ( It's earnings reporting time on Wall street), hopefully it'll slide down somewhat in the next month. But never know for sure. " Down baby, down" - We want a strong CDN dollar ( Regardless of what Ottawa says!)

 

[MikeJ]

It's not just us - everyone is taking a drubbing against the greenback. One of the strongest currencies in the world right now is the Australian dollar, and we've slipped negligibly against it this week. So the AUD ain't faring too well this week, either.

- Mike

 

[DisFan2]

Making it worse though, is the likelihood that our interest rates will be lowered at the next Bank of Canada meeting. There's still a pretty good gap between our rates and US rates to make us attractive to foreign investors and currency traders, but not enough to keep us at the .75 cent level. However, if they hold the line on rates, we could rebound to .75 - the CDN$ has been on a pretty good run of late and probably got "a little bit ahead of itself".

What's bad for my vacation is good for my mortgage!

 

[MaMudduck]

Originally posted by DisFan2
What's bad for my vacation is good for my mortgage!

That's excatly how I feel! (but here's hoping the U.S. is lower when I have to pay in full for my for trip in Aug! but it's still WAAAYYY better than what I paid last year!)

MikeJ- as you said, everything is suffering against the USbuck. It really was the Us$ that took a beating, versus the Cdn$ actually getting stronger.

 

[katypop]

MaMadduck, i work in retail and am allowed to buy any US money that comes in, i only have to pay whatever the rate is we pay out, which is always less than the bank pays, a good thing for me but not so good for the customer our head office sets the rate in line with most other retailers.

kathe

 

[Scratch42]

It was trading at $1.4019 today!

Scratch