Personal Finance

Is the Canadian Dollar expected to drop further in the next seven days?

  • Last Updated:
  • Mar 1st, 2018 1:35 am
[OP]
Jr. Member
Aug 27, 2017
155 posts
114 upvotes

Is the Canadian Dollar expected to drop further in the next seven days?

I need to withdraw USD before travelling and I have already arranged with my bank to order funds - they will charge me the exchange rate on the day that I pick up the cash. I have exactly one week to withdraw - should I do it ASAP or wait for the dollar to rise again?

I know nothing about currency valuation, and I only know that the 4th quarter job numbers are coming out Friday and analysts expect that they will fall short of the Bank of Canada target. What this means for $CAD, I have no idea.
Koodo 6GB $40/month
5 replies
Deal Addict
User avatar
Mar 16, 2010
2940 posts
1457 upvotes
Burlington
It should be lower in the next week, unless it isn't.
Sr. Member
User avatar
Oct 16, 2002
669 posts
361 upvotes
Unless you need unusually large amounts of cash, you'd do better to use your credit card or withdraw at an ATM at the destination. On credit cards the commission would be 2.5%, on atm the same +depending on the plan fee for using foreign ATM. If you order cash , the commission starts at around 3% minimum at the banks.
Member
Aug 20, 2015
424 posts
188 upvotes
Toronto
I would just do it as soon as it's convenient to do so i.e. I'm not travelling out of my way to pick up the cash. Even if you "lose" 2%, how much is it really effecting your travels.
Deal Addict
Jul 3, 2017
3860 posts
2763 upvotes
Well apparently Gizmodo thinks it already has dropped by a factor of 1000:

"The Canadian government unveiled its 2018 budget on Tuesday, committing nearly $4 billion (or over $3 million USD) to a range of science programs over the next several years."
https://gizmodo.com/canadian-budget-ple ... 1823405476

The story has been up all day on their web site, and apparently no American readers noticed anything wrong. :)

Top