Wahoo the CDN dollar is dropping!!!!

[Emancipation 2]

UGH.. I've been hating when i transfer $500 to my CDN account and i only gain 19$ on the exchange..

OF COURSE .. it's bad news for Canucks still on the CDN side trying to save for AOS.. sorry guys.. don't mean to gloat

http://www.cbc.ca/money/story/2007/08/15/dollar-markets.html

Loonie falls again as investors dump currency

Latest market woes relate to billions borrowed in Japan

Last Updated: Wednesday, August 15, 2007 | 9:14 AM ET

CBC News

The Canadian dollar opened 1.1 cents US lower on Wednesday — after taking its biggest hit in more than a year the day before — as alarm bells rang in previously obscure corners of the world's credit markets.

The latest upheaval, which relates to money borrowed in Japan, added to woes linked to U.S. junk mortgages and to huge volumes of commercial IOUs based on anything from car loans to credit card payments.

The CBC's Danielle Bochove, reporting from Toronto, said the loonie was hurt by the same thing affecting almost every market in the world. "And that is, in the broadest sense, simply fear," she said.

Amid a growing aversion to risk, "there is an absolutely massive unwinding of something that is called the yen carry trade right now," she said.

"What that means essentially is that investors who borrowed cheap money in Japan to invest in various countries, including Canada, are now reversing that trade. They are selling their Canadian assets, they are selling their loonies, in absolutely massive amounts, and that has caused the loonie to tumble."

As the U.S. mortgage crisis continues, markets are overhung by "the worry that credit will soon become very expensive or even unavailable completely," she said.

This continues to take its toll on stocks. We saw emerging markets being hit very hard overnight. The Nikkei closed down 369 points in Japan. European markets are under severe pressure."

With the U.S. dollar showing strength against most major currencies, the Canadian dollar opened at 92.65 cents US in Toronto, down 1.1 cents US.

It later pared that loss later, but was still down 0.64 cents US in early afternoon trading. The loonie had lost 1.19 cents US on Tuesday.

Also negative for the dollar was news on Tuesday that Canada's exports fell for the third straight month in June, narrowing the country's trade surplus with the rest of the world.

[neiks 19]

NOOOOooooooo!!!!!!!!!!!!!!!

[misa 2]

NOOOOOOOOOOOOOOO!!!!!!!!! I have a ton of Canadian money coming soon that I wanted to transfer to my U.S. account. GRRR!

ETA: A few weeks ago a friend from MI had to cut her honeymoon short in Quebec because of the exchange rate. I had to chuckle and think, "It's about TIME you felt our pain!".

Edited August 15, 2007 by misa

[Emancipation 2]

NOOOOOOOOOOOOOOO!!!!!!!!! I have a ton of Canadian money coming soon that I wanted to transfer to my U.S. account. GRRR!

UGH......

sorry . perhaps it will go up again?

[misa 2]

Emancipation, you should be put in Canuck purgatory for cheering this on!

[Emancipation 2]

Emancipation, you should be put in Canuck purgatory for cheering this on!

Ha ha!!! is there such a thing????

[Mephys 2]

NOOOOOOOOOOOOOOO!!!!!!!!! I have a ton of Canadian money coming soon that I wanted to transfer to my U.S. account. GRRR!

ETA: A few weeks ago a friend from MI had to cut her honeymoon short in Quebec because of the exchange rate. I had to chuckle and think, "It's about TIME you felt our pain!".

So all that money I get from EI should I withdraw it and and deposit it later when the Can $$ drops again to make more money ?

[misa 2]

Ha ha!!! is there such a thing????

Unfortunately no. Us Canucks are too nice and polite for that.

[Emancipation 2]

ETA: A few weeks ago a friend from MI had to cut her honeymoon short in Quebec because of the exchange rate. I had to chuckle and think, "It's about TIME you felt our pain!".

Ha ha!! That's great!

Ha ha!!! is there such a thing????

Unfortunately no. Us Canucks are too nice and polite for that.

But i'd be top on the list though right??

I'd like to also nomiate those who don't enjoy hockey and beer..

They deserve Purgatory too!!!!

[Jashley820 0]

Weee! I am excited about this....I need to pay off my CDN student loans using U.S. funds, and I want to make the most on it, lol!!

[rooster 1]

Ha ha!!! is there such a thing????

Unfortunately no. Us Canucks are too nice and polite for that.

Hate to disagree, but there IS a Canuck purgatory. Thats where they take away your Tim's and ration your BEER!!

[misa 2]

Hate to disagree, but there IS a Canuck purgatory. Thats where they take away your Tim's and ration your BEER!!

Seems like Emancipation is walking a pretty thin line here...

[~Nini~ 2]

Weee! I am excited about this....I need to pay off my CDN student loans using U.S. funds, and I want to make the most on it, lol!!

Amen to that!

[Flames9_RN 358]

last yr I tx a bunch of Cdn $$$ to USA acct from my retirement fund, duH!! Why couldn't I have waited 1 more yr,lol. The Cdn $$ can go low as it wants now, especially since I'm off to BC this Sunday for a week! Made a CustomHouse exchange today--USa $ to Cdn $. $200 usd was around $211 cdn!!

[Caladan 19]

Dammit. I was hoping it would go the other way. C.'s dad gave us a nice chunk of change in Canadian funds as a wedding present. Guess we'll leave it in C.'s account.