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Canadian Dollar getting worst why?

canada 4 all

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Mar 25, 2011
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Response required: Why Canadian Dollar is getting worst in the international market? 1 GBP= $1.622 CAD today. Yesterday it was 1.61. A week ago the rate was 1.59. In June the rate was 1.57.

Anyone has got any idea whether the dollar will go up soon? How long will it take? British currency is becoming stronger. Please reply. This is urgent as I am a businessman.

Thanks.
 

explorer101

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About 75% of canadian exports are to USA. A week US market report means that Canadian export would be reduced and this makes Canadian $$ slide down in world market. The good sentiment report of US market would again bring upside to canadian currency. No one can accurately predict when it is going to happen.
 

OmSai73

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Its all Game play in finance market. This is the time for correction at all levels and you will notice this variation.

The most gained curreby at this stage is swiss franc.
 

wolfpack27616

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As posted by explorer- Canadian economy is heavily reliant on U.S economy (because of their trade links)..A couple of weeks back, when S&P downgraded U.S ratings, USD fell against all currencies except CAD..(CAD likewise tanked versus other currencies)...

As posted by Omsai- the price is highly dynamic and is decided by a 24 hour spot forex market (it has a $4 trillion/day turnover-participants vary from central banks,big companies to retail traders)...Again as Omsai pointed out, the biggest gainer a week back was swiss franc (usd/chf)- which typically is considered a safe haven for investments along with gold during turmoil.
This week, the swiss national bank (SNB) stated that they will aggressively intervene in the forex market to prevent their currency to appreciate further (thereby protecting their exporters whose margins were taking a hit)...Since then Swiss Franc has fallen by more than 8%.

This is how currency markets fluctuate (If this is the fluctuation in a couple of weeks, you can imagine the variation over 2 months, which is the time period that you have indicated).

As you have mentioned that you are concerned with CAD falling v/s GBP , adversely impacting your business margin (I am assuming that you are an importer/exporter), I would suggest that you talk to a bank/specialist to help you hedge your currency risk (using either currency futures /spot forex or options)...

Regards
 
S

shibuya

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Canada 4 all,
This forum is exclusively for immigration related stuff and NOT A FOREX RATING AGENCY. iF U R A BUSINESSMAN WHAT THE HELL DO WE DO.
 

dodan

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well, if a business man is preparing to immigrate (or in proces of), he may have some concerns and trying to see how to alleviate busniess risks, isn't it fine?
 

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Annoyingly we bought a large amount of CAD a couple of weeks ago when the rate was 1.60 since it was the highest it had been for 12 months. Then it went up to 1.63!

But we didn't relish the thought of it crashing back down to April 2010 rates which were 1.48 (that was an expensive holiday from UK to Canada!).

Wayne.
 

zub2612

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Probably never.
It is better for new applicants. Good for exporter of Canada. Bad for Importers of Canada.

I hope real estate will not effect by this exchange rate..
 

Guru7

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dodan said:
well, if a business man is preparing to immigrate (or in proces of), he may have some concerns and trying to see how to alleviate busniess risks, isn't it fine?
Well said mate!
 

Qasimamel

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:p
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Do not think the dollar much,up up........down down,Enjoy your life!!!
 

BobbyB

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Well, one man's loss is another man's gain, isn't it?
Just for the records though, in case most of us may have forgotten, just a few years back, when I initially applied in Nov 2007, the rate was £1.00 = to Can $ 1.9257. In fact their was a time that the British pound was about Can$1.96 as well. Infact that was also one of the main reasons that prompted me back then to immigrate (apply), only to find out later on that, that was a dream that was never going to come true. Good old days!!.

Good luck to all the remaining "old hopeful 2007er".

BobbyB
 

jnathan

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USD or CAD is no longer the safe currency.
having Yen or AUD is much better, far better than those two is having Gold.
 

wolfpack27616

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@jnathan-

Agree about gold being "the safe haven"...
Disagree about Australian Dollar (AUD)...it has taken quite a beating the last couple of weeks after hitting record highs against the USD.
At times of uncertainty, Commodity currencies like AUD,NZD takes a beating because investors are generally risk averse.
But long term scenario,AUD is a better bet than USD.
For the time being it is gold, swiss franc and Japanese yen.
 

jnathan

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what about Platinum?
I guess it's price never escalate or deescalates like Gold. so it should be a good thing to collect.
I am hearing that Price of land and Gold would come down sharply once the bad economy of the world would be over.
Yea, I know Swiss Franc is a good option. What other options is on the cart?