Any currency traders here?
- Thread starter ILOVETHIS
- Start date
Not a trader but I exchanged mine on Friday, their banks are still failing and could be more to come, credit defaults looming, maybe do half if you're not sure. Plus there's talk of them losing their credit rating, I don't know what that means but it can't be good.
We will be at par and beyond, before the end of the year, IMHO. Not good for Cdn. exporters...ILOVETHIS said:
Just look at this chart of the US dollar index future for June. Right now it looks pretty terrible. I don't see any sign of a bottom or consolidation. As a matter of fact, I think the decline is going to accelerate over time and that the Canuck buck will soon be at parity. Watch the oil price as well. Usually the CAN$ and oil move together.ILOVETHIS said:
Of course I'm not an expert and you must do your own due diligence. Hell, if I was an expert I'd be in Tahiti or Fiji right now and not on this goddamned board!
http://futures.tradingcharts.com/chart/US/69
As a currency trader I'd say if you have 13G's of USD in actual currency then you are right about in the middle. You should have exchanged it well over a month ago.
Either way, even if it goes to parity the difference is only $1500.
Also don't forget that you lose on the conversion. If the dollar is 1.12 then the banks will give you 1.10.
If you are local to Toronto and the dollar drops significantly again this week PM me and I may just buy it off you - better rates for both of us. Since if I have to buy $13000 at 1.12 the bank will charge 1.14 and to sell you'll get 1.10. I would buy it from you at 1.12 - we both win.
I actually only need $10000 though.
Either way, even if it goes to parity the difference is only $1500.
Also don't forget that you lose on the conversion. If the dollar is 1.12 then the banks will give you 1.10.
If you are local to Toronto and the dollar drops significantly again this week PM me and I may just buy it off you - better rates for both of us. Since if I have to buy $13000 at 1.12 the bank will charge 1.14 and to sell you'll get 1.10. I would buy it from you at 1.12 - we both win.
I actually only need $10000 though.
