When would USD gain strength?
I have 60k of USD. If the exchange rate for USD were to appreciate and becomes 1 USD = 0.93 CAD in the future rather than 1 USD = 1 CAD as of right now, then my lump sum will be worth about $64500. If i were to convert it all to CAD then I will be losing out in potential recovery. But at this rate, looks like US economy will not recover until at least end of 2012. 2 years worth of waiting with no guarantee. If I had 60k and put it into a 3% GIC, that would be $1800 interest per year. Would taking my USD cash out be better than waiting?
And I would likely need the cash in CAD within a couple of year for a home downpayment soon.
TIA
edit: rewording inbold
turns out I fail in math >_<
1 CAD = 0.93 USD is what I really wanted to say
And I would likely need the cash in CAD within a couple of year for a home downpayment soon.
TIA
edit: rewording inbold
turns out I fail in math >_<
1 CAD = 0.93 USD is what I really wanted to say
spot finder