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

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Mar 1st, 2018 1:35 am

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Feb 28th, 2018 3:48 pm

ceptionin [OP]: Jr. Member; Aug 27, 2017; 157 posts; 115 upvotes

Feb 28th, 2018 3:48 pm

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

Feb 28th, 2018 4:10 pm

Dpack22: Deal Addict; Mar 16, 2010; 3233 posts; 1787 upvotes; Burlington

Feb 28th, 2018 4:10 pm

It should be lower in the next week, unless it isn't.

+1

Feb 28th, 2018 4:15 pm

methyl: Sr. Member; Oct 16, 2002; 788 posts; 636 upvotes

Feb 28th, 2018 4:15 pm

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.

Feb 28th, 2018 4:36 pm

User455957: Deal Addict; Nov 8, 2017; 1530 posts; 854 upvotes

Feb 28th, 2018 4:36 pm

I'm not a wizard, so I don't know

Feb 28th, 2018 4:46 pm

tsingoo: Sr. Member; Aug 20, 2015; 514 posts; 303 upvotes; Toronto

Feb 28th, 2018 4:46 pm

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.

Mar 1st, 2018 1:35 am

Exp315: Deal Addict; Jul 3, 2017; 3860 posts; 2787 upvotes

Mar 1st, 2018 1:35 am

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.

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