Loonie on the way to parity with USD- 12 Oct. 2009
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Posted on: 13-10-09 13:42:18
Quote:
Originally posted by NM
If you intend changing big amount, i would advise you to go for taking spot rate in http://www.oanda.com" rel="nofollow">LINK or http://www.xe.com" rel="nofollow">LINK
This takes few days, you will have to remit CAD to them first, then on your advice, they will convert it into USD and send it back to your bank a/c using spot rate.
Spot rate changes on daily basis. You have to check the rates in their website.
thank you guys,
the amount is not big..around 2 to 3k. I guess i will call them and compare with xe rate and will exchange directly with the cash.
cheers
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MK
Quote:
Originally posted by tamilkuravan
This is a Tip to the Forex traders as well as to people to have an abundance of CAD or USD to make some short term decisions to get some neat and tidy profit.
OTOH, I would appriciate if someone told me to what currency that I should change my CAD to get some very good short term as well as long term benefits. USD is too volatile to take the risk.
Peace by a PD
Is it still being predicted that Loonie will parity with Green back until the end of the year? It seems like USD is back on the rise with our loonie diving down. Any guesses on what the near future holds for USD/CAD
Quote:
Originally posted by Cougar
Quote:
Originally posted by tamilkuravan
This is a Tip to the Forex traders as well as to people to have an abundance of CAD or USD to make some short term decisions to get some neat and tidy profit.
OTOH, I would appriciate if someone told me to what currency that I should change my CAD to get some very good short term as well as long term benefits. USD is too volatile to take the risk.
Peace by a PD
Is it still being predicted that Loonie will parity with Green back until the end of the year? It seems like USD is back on the rise with our loonie diving down. Any guesses on what the near future holds for USD/CAD
I am not any Economic or Financial Analyst but as I can foresee, BOC would never let the loonie to be at parity with USD. The only reason being exports and job losses that will incur due to this parity. So, you can easily notice that whenever CAD comes close to USD, it slides back the next day. It will always be 3-4 cents below USD - no matter what.
That's BOC at play.
Quote:
Originally posted by febpreet
I am not any Economic or Financial Analyst but as I can foresee, BOC would never let the loonie to be at parity with USD. The only reason being exports and job losses that will incur due to this parity. So, you can easily notice that whenever CAD comes close to USD, it slides back the next day. It will always be 3-4 cents below USD - no matter what.
That's BOC at play.
Not true, CAD is a freely traded currency and BOC does not have control beyond a point, infact very limited. Remember last quarter of 2007 when USD was weaker than CAD and at one point 1 CAD was 1.10 USD.
Quote:
Originally posted by desi-friend
Quote:
Originally posted by febpreet
I am not any Economic or Financial Analyst but as I can foresee, BOC would never let the loonie to be at parity with USD. The only reason being exports and job losses that will incur due to this parity. So, you can easily notice that whenever CAD comes close to USD, it slides back the next day. It will always be 3-4 cents below USD - no matter what.
That's BOC at play.
Not true, CAD is a freely traded currency and BOC does not have control beyond a point, infact very limited. Remember last quarter of 2007 when USD was weaker than CAD and at one point 1 CAD was 1.10 USD.
Agree with first statement! But what happened after that(last quarter of 2007)? Even though Canada didn't have to face as much recessionary period as US, the USD climbed up again and stayed there for many months. It's only recently the CAD has surged.
Central Banks of each country have the powers to control the currency movement to some extent, if not fully.
Quote:
Originally posted by desi-friend
Quote:
Originally posted by febpreet
Not true, CAD is a freely traded currency and BOC does not have control beyond a point, infact very limited. Remember last quarter of 2007 when USD was weaker than CAD and at one point 1 CAD was 1.10 USD.
Agree with first statement! But what happened after that(last quarter of 2007)? Even though Canada didn't have to face as much recessionary period as US, the USD climbed up again and stayed there for many months. It's only recently the CAD has surged.
Central Banks of each country have the powers to control the currency movement to some extent, if not fully.
CAD stayed close to parity till about Jun-Jul '08 and then started to drop sharply not because of any major intervention from BOC, but oil dropped from a high of $147 to $35. In short BOC does not have as much levarage as say for example RBI to interfere.
It has started heading down sharply more than expected.
It was expected to touch parity this week.. 
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
