Re: Exchange rate
 

Stop arguing! You're wife won't like it!

Re: Exchange rate
 

Either way, I feel for anyone exchanging now. I just got $500 and felt cheated, I'd hate to exchange everything right now.

I hope it goes up before I move over!!

Re: Exchange rate
 

I have not yet begun to argue. :p:rofl::rofl::rofl:

Re: Exchange rate
 

I would suggest a basket of currencies, the dynamics are such that you can spread your risk, but if you are 100% residant of Canada, just buy the Canadian dollar.

I hold HGU/TSE, it is a gold holding that is aggressivly weighted, I think $1,000 is inevitable.

Not to take from this site, but sometimes if your questions require in depth Financial input, this site is one of the better places to pose questions on interest rates, stocks etc


http://www.financialwebring.com

Re: Exchange rate
 

$1.95 on Yahoo now, does that mean about $1.93 from Money Corp?

Re: Exchange rate
 

Some good news at last in the last paragraph :)

Record high for Loonie v US Dollar
- Strong Canadian employment figure
- Investors more relaxed about Sterling

The Canadian Dollar had another good week, reaching US$1.07 on Friday evening. Sterling could not keep pace. For four days it traded a cent either side of Monday's $1.97 opening level before dropping on Friday almost to $1.94. In early trade this morning it popped back up to $1.9550 and again began to drift lower to open in London at $1.95.

The Canadian Dollar continues to go from strength to strength. So far this year it has added more than 25 per cent to its value against the US Dollar. To a large extent this is a function of the US Dollar's weakness but it has also moved 17 per cent ahead of the Pound and 13 per cent against the Euro over the same period.
The elevated prices of oil and gold are enhancing Canadian revenues. Investors are not buying the Canadian Dollar for its interest rate. After last week's move by the Fed in Washington Canadian and US benchmark interest rates are now both at 4.5 per cent. People are buying the Loonie because it represents a vibrant and successful economy and because they need to buy Canadian exports.
On Friday the Canadian Dollar reached its highest level against the US Dollar since 1957. Some commentators refer to it as a record high. Others see it as certainly the best recorded level since that central bank record began to be kept in the 1950s and perhaps the best level since the 1890s.
The icing on last week's cake was Friday's payroll figure. 12,000 new jobs had been expected; 63,000 were delivered. By any account that was a good figure and the Loonie jumped two cents against the Pound.

In contrast with the Canadian Dollar's help from good figures, Sterling had to muddle along with less than inspiring statistics. In no particular order of importance, mortgage approvals were down, purchasing managers' indices were generally lower and the CBI surveys spoke of weaker trading conditions. Almost the only positive news came from Nationwide with a house price index that was stronger than expected.
What kept things going for the Pound was a growing conviction among analysts and investors that the Bank of England would not reduce its Bank Rate at this week's MPC meeting. Members David Blanchflower and Kate Barker spoke, respectively, for and against an easing of policy. The debate was apparently settled by the Charlie Bean , who is also the Bank's Chief Economist, when he said there was no immediate need for lower UK interest rates.

The Canadian Dollar's advance, especially against the US Dollar, has looked increasingly over-extended in the last couple of weeks. Cautious buyers of the Canadian Dollar should remain hedged. Those of a more adventurous bent who have still not got round to protecting their exposure may at this point be better advised to sit on their hands and wait for the correction that could see Sterling bounce back to $2 or even higher.

Re: Exchange rate
 

Hopefully just in time for me to transfer some money over in December. :cool:

Zoe M. x

Re: Exchange rate
 

I'm in a massive panic now. We have just bought a house in BC and need to have the funds transferred by Dec 13th. Had a call from Schneiders and our guy reckons it will hit $1.85 this week (he figures on a BOE rate cut).

We were banking on $1.99 and I have no idea what to do. We made all our moving calculations on a $2.2 rate of exchange and I'm devastated we didn't buy before - feel paralysed by the decision....

Any of you finance peeps have any more insight? Feel like I need to decide right now... too much pressure...

Re: Exchange rate
 

The $CDN is in the sweet spot, up to$1.08 today and many analysts feel that $1.10 to $1.15 is very doable.

Prices of goods imported from the US, and there are many , are being forced down and many are buying vehicles in the US for substantial savings.

Prices on other goods should start to come down, a lot of consumer pressure.

http://www.autonation.com

for those car shopping.

Re: Exchange rate
 

No-one actually knows what's going to happen. Read the first few pages of this thread and you'll see that. Transfer your money now unless you enjoy gambling.

Re: Exchange rate
 

$1.93.

Re: Exchange rate
 

"Down down, deeper and down" da da da da....

1.92.... will get you 1.89 /90??

There go all my dreams..... houses don't look so cheap now!

Re: Exchange rate
 

In the time that it took to write the post it lost another point. So we just bought. I have never felt more sick - we scraped and saved so much to be able to afford our house here and lost $13k in 48 hours.

Well its done. going to go an cry now...

Re: Exchange rate
 

I'm sorry if this sounds unsympathetic. I really feel for people who had made plans to buy a certain type of house etc based on calculations about how much money they would have after converting the equity from the UK home or other savings into Canadian dollars. But I am totally perplexed that someone would buy a house (or rather sign a purchase agreement comitting to the purchase) without having already got the funds in Candian dollars. Do you not realise that you are exposed to enormous financial risk?

First there is the risk of having to proceed with the purchase on a given date (as the system in Canada means you can't pull out part-way through) if you havent already sold your house in the UK. And in the UK there are good chances of the sale falling through part-way as the legal system is ridiculous. This is the situation Steve666 is in. Then there is the additional risk of currency fluctuation. Thats always a huge risk and businesses the world over always take steps to mitigate against the risk for that reason.

If you are going to buy a house in Canada I would strongly suggest you sell your house in the UK first (or at least make sure you have enough money to proceed with the purchase without needing to sell) and secondly on the day you agree the purchase make sure you have funds available in Candian dollars. If you dont have the funds yet but are ABSOLUTELY certain that you will have them on a given date (i.e. if you have exchanged contracts but not completed) then book an exchange rate ahead of time. All you have to do is pay a deposit and agree to have the funds on a certain day ready for exchange. Once you have booked a rate that removes the currency fluctuation risk.

To know that you have to come up with a large amount of money in Candian dollars on a future date and not actually know how many pounds its going to cost you to buy that amount of dollars seems extremely risky to me.

Re: Exchange rate
 

What rate did you eventually get?