Taking advantage of the strong US dollar

autoque · #1 10-25-2008, 09:01 PM

I had about $40,000 USD exchanged to Canadian dollar so when Canadian dollar is back up again (maybe not at par), I can sell it at a higher price. Also sometimes I stay in Canada for months (have a residence), so it's good to have some CAD in the account.

I was thinking of buying up some Euro but CAD seemed more relevant to me. And I don't think this high U.S. dollar craze won't go too long.

What do you guys think? I think this was a better move than buying up some stocks of failing companies...

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JCL · #2 10-25-2008, 09:23 PM

My US stocks are down (of course) but I am up significantly on the exchange. I am thinking of moving back to CDN currencies for that portion of my portfolio as I think Canada will do better over the coming year than the US will.

autoque · #3 10-25-2008, 09:27 PM

lakai · #4 10-25-2008, 11:50 PM

Nice move. I've been doing the same thing in terms of taking advantage of the strength of the USD because it won't last. I took some drastic measures and cashed out my entire 401K and half of IRA early last week total around $620k after penalties and taxes. I used most of it to pay off the rest of my mortgage in my Vancouver home as well as additional principal payments on my place in Hong Kong. I exchanged around $100K USD into HKD and RMB, and $20k into CAD.

I plan to move whatever cash left in my margin and forex accounts within a month into either CAD or RMB by the end of the month, there is still money to be made with options and forex. I wouldn't go into the EURO unless you have a specific reason to.

autoque · #5 10-26-2008, 02:08 AM

Quote:

Originally Posted by lakai

I wouldn't go into the EURO unless you have a specific reason to.

I thought the same.

bozo · #6 10-26-2008, 10:57 AM

The pound is at like a buck and a half or something..Unbelievable...When I left a few months ago, it was at $2.12....I just told my tenant the rent is going up...

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