I spent years in the industry. It could go up. It could go down. You pick. Most well-educated analysts are unable to accurately predict where it will go, and we are always just one tweet away from tanking again.Good to see the dollar on the rise. Is there anyone here in the industry who can make an educated guess as to where it is headed?
we are always just one tweet away from tanking again.
And for folks like you, dollar cost averaging can be a very smart way to put away for your vacation. If you are a regular traveler to the US, try putting a set amount in C$ into a US$ account - say C$100-200 every payday. That way when the US$ is high you will buy a bit less, and when it is low you will buy a little bit more, but over time you will get a fairly good average rate. It's the easiest way to "time the market" without paying any attention to it.I used to spend a lot of time speculating and hoping to catch the dollar at the 'right' time until I realized that for every $1,000US I'm spending on a Disney trip, the exchange 'only' meant a $10 difference per $0.01 that our dollar changes. That's a few cups of coffee at Timmy's.
I was spending far too much time checking to see if it went up or down. Over the years when our dollar has gone from being on par to where it is right now, that's a HUGE difference. But, the little bit it goes up and down right now isn't worth me trying to catch it at just the right moment. It's just kinda bumping around and I'll have to pay the current rate and no longer stress about what it might or might not do.
Retired from the industry and could not agree more. Nobody can predict what it will do, if they say they can then they are not paying attention. Our government, their government, BOC, elections, 45's tweets, China's economy, heck the world economy, it all has an influence and you would have to predict all of that to even start to figure if the dollar is going north or south.I spent years in the industry. It could go up. It could go down. You pick. Most well-educated analysts are unable to accurately predict where it will go, and we are always just one tweet away from tanking again.