Souvenir

I anticipate that the rate will jump to $2.50 in about one month, just after I have to transfer a wodge across to pay my June tax instalment.

cneldred

We have 6 weeks until we close on our house in Canada, so time isn't in our favour. Gonna hold off for another 2 weeks i think before we bite the bullet. But if it breaks 1.92 then i am very worried and will just go to market.

Hope that helps.

Chris

2NS

cneldred -

thanks for your update - very helpful. OH feels the same way; doesn't think GBP will improve v CAD in the short or long term - wants to change it all now.
I think GBP will improve and the CAD will fall, but not soon enough!

rgds
2NS

cneldred

In the longer run it has to recover, but all the news for the UK economy at the moment is terrible. I think the markets have lost confidence in Gordon Brown, once he is out of number 10 i expect things to change.

Chris

G77

Not just the markets who's lost confidence, the whole country has no confidence in him, but he's fought for so long to get that job, he's gonna stick in there for another 2 years for sure!

G77

1.937 today - is your trigger finger getting itchy yet Chris?

sas-lou

My hubby left for Ottawa on monday, we have some savings in a canadian account but we have £10k in premium bonds.
I'm praying im going to win a million in June but i know my chances.
We hope to be out there by August (everything permitting) so do i wait and see and watch it go back to $2 to the £1 or should i get the funds to hubby ASAP.
Im lucky in the sense i dont own a property, still i may not have £100k's but i have saved bloody hard for the last 5/6 years.
That £10k is my blood/sweat and determination, and i want as many dollars for it as possible.
There have been rumours of redundancy at work, im all for that.
I know we are all in the same boat so any advice would be grateful.

cneldred

Our funds are being wired to my forex broker tomorrow. I spoke to them today and said i will take anything above 1.95. The Canadian inflation numbers came out pretty strong which means they will hold off on further rate cuts for the time being.

Got very worried on Monday when we dipped below 1.93 but it then bounced to 1.95 until after those numbers today. I do not see a recovery to 2.00 plus for the foreseeable future, UK economy in the sewers, no one trusts labour anymore, housing market sat on the edge of a cliff.

Canadian economy so far avoiding the meltdown going on in most western countries, plus price of oil shows no sign of retreat next stop is $150 a barrel, which will see prices at the pump GBP1.50 ish a litre and CAD$1.50 ish. I fully expect the price of oil to touch $200 within the next year. As we all know the price of oil has helped the CAD$ become a stronger currency.

Hope that helps all.


Chris

2NS

cneldred -

Thanks again for your update, much appreciated - although I was hoping in vain that you wouldn't say what you just said ... but that's the way the cookie crumbles unfortunately!

Rgds
2NS

cneldred

We pressed the button this morning, got a rate of 1.945....absolutely gutted. Never thought the money would come across at such a bad rate. We did all our sums at 2.000 and signed for our house when it was 2.180. However, the price of oil is driving this and it is going to go much higher, basically China and India with populations of 1 billion in each country have just entered the cars for the masses club. Oil will never be sub $60 again, and my money is on $200 a barrel by the end of this summer. If CAD$ breaks 1.920 then it has had it, 1.850 will be targetted instantly.

All the best everyone.

Chris

sas-lou

Thank you for pointing me in the right direction.
Its being transferred asap.

Danny B

That would be bad news.

bazzz

I wouldn't worry too much; it's just his opinion. He was wrong about the exchange rate getting down this low, so he could easily be wrong about a bunch of other things.

G586

Bit harsh....it's circumstance and sometimes that is hard to predict otherwise we would all be retired, wouldn't we?

cneldred

Bazzz, actually since the 10th April every comment i have made about CAD$ has been pointing out a negative about the exchange rate. Even in that comment i pointed out we were stuck in a range. By piercing below 1.95 we broke that range to the downside, but then i had support at 1.92 we bounced off that earlier this week. All the fundamentals are in place for further strength in CAD$, inflation rising again, Oil price blowing out, UK Economy in the sink, everywhere you go you read about the terrible state of UK Housing Market.

Can you show 14 years of experience in broking or trading the financial markets or are you qualified to give investment advice, such as i am with the UK FSA for one amongst a number of international financial regulators, Germany, France, US and Canada being the others.

http://www.fsa.gov.uk/register/indiv....do?sid=601216

the above link shows i am a qualified investment manager. The day you can come back to me with any of the equivalent then you can make condescending comments, until then.....