Canada / US dollar exchange at 40% now , insane !
Canadian to US dollar exchange rate in the toilet at 40% now ! Canadian dollar is worthless on ebay !
5 comments
Canadian to US dollar exchange rate in the toilet at 40% now ! Canadian dollar is worthless on ebay !
reallynicestamps
·2 years agoIt's good for me.
I am buying in loonies and selling in USD.
https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=CAD
On the other hand:
https://www.xe.com/currencyconverter/convert/?Amount=1&From=CAD&To=USD
Where is the 66c spread going?
Old enough to remember Judy Lamarsh and the Diefendollar!
fergua3
·2 years agoit's been like that for quite a while, nothing really new. Once the US starts lowering interest rates and signals more cuts to come the US dollar will come down a bit. But normal is about 1 Canadian dollar equals 77 cents US so that's still about 33-35% (right now 1 Canadian dollar is about 72.5 cents US). It's great if you sell to the US, not as great if you are a buyer of US goods.
I guess you're too young to remember how it was around the year 2000. Canadian dollar was 67 to 69 cents US for a very long time. People buying goods in US dollars were paying a 55% premium or even higher. In that light 40% doesn't seem so bad.
If it's any consolation, a low dollar is great for the economy as it makes our goods and services cheaper to buy for other nations and thus makes us a more attractive buying option. Most countries are constantly trying to decrease the value of their currencies for that reason.
triggergrinder
OP2 years agoYeah acctually i do rember when it was 66 cents thats why i always creinge when its dropping into the low 70's , back then shipping was pretty pricy too , the current situation just gives me flashbacks is all , thks for your reply 🙂
triggergrinder
OP2 years agoI think another part of it too is ebay is taking a bigger cut on transactions now ?
fergua3
·2 years agooh yes, Ebay fees are MUCH higher then they were back then. Back around 2000 when the dollar was in the 67 cent range Ebay fees were 5% -ish of the transaction amount, ie what the item sold for. No fees on shipping or taxes. Fees started going up, up, up, UP, in 2008 once outside managemnt was hired to start managing Ebay. This management was devoid of good ideas or ways to grow the company, so all they could think of to do was keep raising fees on the sellers.
Sound familiar?