Hello everyone,
I know absolutely nothing about nothing - and have gone (as many do) to the internet looking for answers.
I am a Canadian webmaster who gets paid in US funds. My company is rather large and we do a decent volume of US dollars and traditionally we have always just sold them on a weekly basis. The past couple of weeks however, I have decided to take not sell right away (we usually just sell through TD Canada Trusts conversion partner btw - can’t think of the actual name, but anyways)
I guess I picked a bad time (Canadian $ was at around $1.06/7 when I decided to hold off) and now the damn thing just keeps on dropping!
As I said - I have no idea where to ask (and no idea what protocol is here on this forum, so if this belongs somewhere else by all means shoot me a PM) - any answers on where I should start my research to become better educated on long / short term CAN / USD currency trends etc?
Don’t get me wrong - I have been in this business nearly 10 years, and have ALWAYS seen the USD rebound and remain higher than CAD (with a few rare exceptions) I guess you could say I am just trying to get smarter about it - should I hold on to the few hundred thousand currently in my USD account? Or is this slide set to continue long term?
Bottom line question in all of this - is the Canadian dollar set to continue to gain strength vs US? or should I take a vacation for a couple weeks and everything will be just fine and dandy when I get back, and I’ll be happy selling at $1.10 or more again.