L
Lily from Montreal
ON my road trip I noticed the tolls booth on the roads had sign saying CDN or US,maybe you could suggest that to the lady of Florida? lol
The miserable US$ to C$ exchange rate
- Thread starter jackyo8193
- Start date
OK, I'll bite. Other than how much you withdrew and where you withdrew it, what can it possibly mean?
There are only two reasons not to use an ATM to exchange. 1) You're drawing more than the daily allowance or 2) you like getting beat on the exchange rate.
Without going into details, I can assure you it's not about daily allowances or getting beat on exchange rates. It's about privacy, lack of a paper trail, etc. You avoid this by using cash. A Google search would probably give you plenty of answers.
Last I knew, there were no laws against exchanging currencies. I exchange almost daily and no one has any idea what I do with the loonies, nor any way to know how.
Fantastic, that's great, congratulations, good for you, you win. Let's please move on.
Well, sure, if you don't want it known that you made an exchange, then it's worth blowing the 2-3% and use cash. But no matter how you exchange: cash, ATM, or rob a bank, no one is going to know what you did with the foreign currency.
Until the price of oil starts to come back, I don't think there is much urgency to lock in the exchange rate. The conventional wisdom is that Canada is overdue for the recession and real estate correction it avoided in 2009 thanks to the commodities boom.
I keep thinking if the exchange rate and real estate markets collapse, I should buy one of the new condos going up around Bell Center. Montreal wouldn't be a bad place to retire
I keep thinking if the exchange rate and real estate markets collapse, I should buy one of the new condos going up around Bell Center. Montreal wouldn't be a bad place to retire
It's hard to imagine anything happening in the next couple weeks that would increase the value of the loonie. Even in the longer term (2016) the outlook for the loonie is not good, since the price of oil is expected to remain relatively low. Even if the price of oil rises again, the Trudeau administration might not allow the Canadian oil industry to benefit from the price increase. Who knows, we might be experiencing a return to The Happy Time (1994-2004).
Oil Will Struggle to Break Past $60 a Barrel in 2016: Continued supply glut will continue to suppress prices, investment banks say
wsj.com
Oct. 29, 2015
Some of the world’s largest energy companies and investment banks are becoming more pessimistic about the ability of crude oil pricing to reach even $60 a barrel next year, reporting steep losses as they take hits on projects that no longer make financial sense.
A barrel of oil fetched more than $100 in June 2014, but a combination of ample supply and weaker demand has driven the international benchmark price to about $50 in the third quarter, the lowest sustained levels since the financial crisis.
Continued oversupply means that next year, Brent crude prices will average $58 a barrel and West Texas Intermediate, the U.S. oil benchmark, will average $54 a barrel, according to 13 investment banks polled by The Wall Street Journal. Many of the same banks were predicting $70 a barrel in 2016 just a few months ago.
The analysis comes as energy titans such as Royal Dutch Shell PLC and France’s Total SA on Thursday reported billions of dollars in write-downs after a quarter in which oil prices fell to the lowest since the financial crisis. BP PLC earlier this week said it had revamped its business to be cash-flow positive by 2017 at $60 a barrel.
While U.S. shale oil production, a driving factor in the supply glut, has started to fall, heavyweight producers like Saudi Arabia and Russia are still pumping at near-record levels at a time when the market is anticipating new crude from Iran. Though supply remains strong, demand growth is expected to weaken alongside a decline in the economy of China, the world’s No. 2 oil consumer.
Cheap energy is forcing other producers to give up on ventures that no longer make sense with prices below $50 a barrel. On Thursday, several oil companies reported sharply lower earnings because of the price decline.
Shell posted a $6.1 billion third-quarter loss over its decision to walk away from exploring the Arctic for oil and from exploiting Canada’s oil sands, which contributed to $7.9 billion in charges to earnings.
In the U.S., ConocoPhillips reported a loss of $1.1 billion and announced new plans to trim spending.
Petro China Co., the biggest oil-and-gas producer by volume in China, said its third-quarter profit fell by more than 80%. At Total, the French oil giant, the decline was 69% and partly the result of a $650 million write-down in its Canada oil-sands ventures...
More bad news...or good news, depending on which kind of dollars you get paid in:
Canadian dollar forecast to sink to 72¢, remain stunted through 2017
Michael Babad
The Globe and Mail
Wednesday, Nov. 04, 2015
The eroding loonie
If you’re counting on a rebound for the Canadian dollar any time soon, don’t.
The latest forecast from Bank of Nova Scotia suggests the loonie is poised to tumble to as low as 72 cents (U.S.). Not only that, when it recovers it won’t crack the 80-cent mark even by the end of next year.
“Interest rate differentials will move against the Canadian dollar [CAD] as U.S. interest rates rise,” Shaun Osborne, Scotiabank’s chief foreign exchange strategist, said in the report, referring to the fact that the Federal Reserve is moving ever closer to a rate hike while the Bank of Canada is expected to do nothing on that front for some time yet.
“Low energy prices (we see no rebound in crude oil until later in 2016 amid a continued supply glut) and sluggish domestic growth imply continued downside pressure in the CAD through 2016.”
The Scotiabank forecast puts the currency at 73 cents at the end of 2015, with a further drop to 72 cents through most of next year. The bank sees it perking back up to 74 cents early in 2017 and then continuing to climb, but only to 79 cents by the end of the year.
Merrill Lynch, in a separate forecast this week, projected the loonie will dip to about 74 cents by early 2016 and stay there throughout the year.
That low dollar may be a problem for travellers headed for the United States, as well as importers and consumers forced to pay for higher imported goods.
But it’s not an issue for the Bank of Canada, which is counting on stronger exports.
“The Bank of Canada’s [BoC] aim of reorienting the economy from domestic-driven growth to (more sustainable) drivers, such as trade and business investment, has only been partially successful,” Scotiabank’s Mr. Osborne said.
“Trade has improved a little in recent months but business investment looks flat and may struggle to improve against the soft energy sector backdrop,” he added.
“Under these circumstances, policy makers will likely prefer to see the CAD stay relatively soft.”
Canadian dollar forecast to sink to 72¢, remain stunted through 2017
Michael Babad
The Globe and Mail
Wednesday, Nov. 04, 2015
The eroding loonie
If you’re counting on a rebound for the Canadian dollar any time soon, don’t.
The latest forecast from Bank of Nova Scotia suggests the loonie is poised to tumble to as low as 72 cents (U.S.). Not only that, when it recovers it won’t crack the 80-cent mark even by the end of next year.
“Interest rate differentials will move against the Canadian dollar [CAD] as U.S. interest rates rise,” Shaun Osborne, Scotiabank’s chief foreign exchange strategist, said in the report, referring to the fact that the Federal Reserve is moving ever closer to a rate hike while the Bank of Canada is expected to do nothing on that front for some time yet.
“Low energy prices (we see no rebound in crude oil until later in 2016 amid a continued supply glut) and sluggish domestic growth imply continued downside pressure in the CAD through 2016.”
The Scotiabank forecast puts the currency at 73 cents at the end of 2015, with a further drop to 72 cents through most of next year. The bank sees it perking back up to 74 cents early in 2017 and then continuing to climb, but only to 79 cents by the end of the year.
Merrill Lynch, in a separate forecast this week, projected the loonie will dip to about 74 cents by early 2016 and stay there throughout the year.
That low dollar may be a problem for travellers headed for the United States, as well as importers and consumers forced to pay for higher imported goods.
But it’s not an issue for the Bank of Canada, which is counting on stronger exports.
“The Bank of Canada’s [BoC] aim of reorienting the economy from domestic-driven growth to (more sustainable) drivers, such as trade and business investment, has only been partially successful,” Scotiabank’s Mr. Osborne said.
“Trade has improved a little in recent months but business investment looks flat and may struggle to improve against the soft energy sector backdrop,” he added.
“Under these circumstances, policy makers will likely prefer to see the CAD stay relatively soft.”
Either way the native Montreal hobbyist is going to be out booked if this keeps up.
A reflection of the weak Canadian dollar, i just did a search (for kicks and giggles) to see what rates were for this weekend compared to what rates were like in 2008/2009 and was surprised to see a 3 star hotel that was $45US back then is now $50US today..... Could the good ole days be coming back?
Tons of cheap deals on Hotwire and Last Minute Travel right now.
Tons of cheap deals on Hotwire and Last Minute Travel right now.
It hit a high of $1.36 CAD yesterday intraday. Now it is around $1.352. The Saudis and other more prosperous members of OPEC are trying to control market share of their oil so they are trying to squeeze out the U.S. stock from the shale boom. So this price pressure on oil is largely artificial. Which is contributing to the upward value of the USD relative to the CAD. Another factor is the anticipation of the U.S. raising interest rates next week. These two factors are already known. The third and more surprising factor is Canada possibly going to negative interest rates if things get any worse.
http://www.zerohedge.com/news/2015-12-08/canada-just-hinted-negative-interest-rates-are-coming
If Canada does head that route holy shit it is going to be a flooding shit storm up to Montreal to hobby.
http://www.zerohedge.com/news/2015-12-08/canada-just-hinted-negative-interest-rates-are-coming
If Canada does head that route holy shit it is going to be a flooding shit storm up to Montreal to hobby.
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