chiefmissile

Sorry my fault for not making it clear, they don't take 10% for them, its a down payment for your spot currency contract, you are basically making an order, (As you know) they only make there money on the spread (Hi-low market value at the time of sale).

Regards

Andrew

chiefmissile

Hi, its my own opinion but here are some facts: Many Canadians are worried about the appreciation of their currency against the dollar. Canada is a currently a net exporter with the U.S. being it’s largest market. As the dollar weakens U.S. consumers and businesses will find it more expensive to import goods and raw materials from Canada. Because of this many Canadians are worried that lower exports will ultimately be a bad thing for Canada and it’s citizens.

The argument that currency appreciation is a bad thing for exports is an argument that is frequently used in the United States to justify the falling dollar. The same economists and politicians that were blind sided by the biggest recession since the great depression, tout that the falling dollar is good for American businesses because it allows them to export more.

As Canada’s loony appreciates and as the dollar falls, there is no doubt that Canada will export less to the United States and the rest of the world IMO.

Regards

Andrew

Theoldfields

The 'commission' the major brokers take seems to be closer to 1.5% than 10% to me but you'd need to check with them. It's a long
time since the rate dropped below 1.52 or was higher than 1.6 and if I knew what was going to happen next I'd be a rich man but it seems to me the options in the short term are pretty limited.

Atlantic Xpat

I don't disagree with any of your sentiments except to say that those conditions have been apparent for the past 3 years+ of Loonie to Dollar parity. Nothing has changed in that time and I don't expect that the BoC will devalue the currency by 25% or so to get you to $2.10 to the GBP. Plus of course how well the UK economy does in that period is also of paramount importance in Forex rate setting. All in all, anyone waiting for $2.10 to the GBP before they transfer their money is in for a long wait IMHO.