BristolUK

Disappointing too for those who predicted $2.27

dexdaw

surely not OTBO!!!

Southcote

How come it drops that much that quickly, but takes forever to creep back up again ?? And yes, I was one of those people holding out for a slightly higher rate !

geedee

It's called "The Law of Sod"

Posidrive

What's going on. Down to 1.87 at the moment

geedee

I've no idea.... according to the BBC it's dropped 8.5 cents today, taking it to its lowest level for a year.....

So, looking on the bright side, I changed that original 2 thousand quid back again (a bit early, but still) and put 2,150 in the bank! A profit of 150 quid for doing nothing!!!

scottymallo

Transferred $38000 back to UK today cost me £18,811 to purchase last week average rate approx 2.02. Got £20,350 back £1539 profit for a weeks work well happy with that!

cneldred

Please be very very careful. You have been lucky and caught a move in your favour. This is due to the rumours that the Bank of England may cut by 100bp(a full percentage point) on Thursday.

You have not stumbled onto a risk free way of making money. If you are some way off moving to Canada and it is savings that will sooner or later have to be in CAD$ then so be it...but please do not go trading more than you can afford to.

Remember if it looks too good to be true and smells too good to be true...well then it ain't flipping well true. There is no such thing as risk free money.

Chris

scottymallo

Chris,

Thanks for the advice, I dont need the CDs till April so thought i d take the risk this one time! hopefully it will rise again soon!

G586

Funnily enough, I was just watching Bloomberg and they were talking about the possible UK rate cut and I was wondering how that will affect the CAD exchange rate.

I'll echo Chris's warning about FX trading, there is a thread on another forum where a guy took £10k, the family's life savings and blew it on trading & his wife is now threatening to leave him...

cneldred

So which thread is my wife posting on??

chumley

geedee

Nice One!!!

I used 2k, a much smaller scale than Scotty (who took a bigger risk and got a bigger reward!), but I'm the same... whether it's sat here earning 3% or in the UK earning 5%, it doesn't really matter. So I intend to take advantage of any dips and rises and hope fully earn a few bob for a few keystrokes. Isn't that what they do in the Square Mile??

Alan2005

Yes - FX trading spreads are actually very tight and FX traders do not take positions unless they have good reason (i.e. they are net 0 at the end of the trading day).

While long term trends can be predicted based on interest rate differentials; national debt and relative trade balances - the day to day rates can be highly volatile (as keynes said "The market can stay irrational longer than you can stay solvent"). Essentially if you are long in anything other the the currency you will be using on a day-to-day basis you are taking a big risk with your cash.

In the case of CAD - this has been undervalued against USD for the last month and that is correcting itself. Anyone who got over $2 has done well

Aviator

Down to about $1.81 as of 0700Z

This'll give live rates http://www.forexdirectory.net/cad.html