Exchange rate start hurting a little...

[DazMode]

New price shock ahead as CAD keep falling against green buck. + 15% as of today.

[Hooded]

Ouch!
Still would have to pay the same if we bought directly from states.

[Bartacus]

Holy crap, that's quite the jump!! For once, I'm glad I can't afford any new toys!

[ch0c]

I trade forex as a hobby I guess, and the USD/CAD exchange rate is just at or below what it was in march/april. This is because of price of oil going down and questions about quality of Canada's oil. When the bank of canada adjusted its interest rates earlier in the year, thats when we saw the loonie drop in relation to USD. (last year exchange rate was approximately 1:1, after interest rate hike, USD/CAD = 1.1000-1.12 approx. Loonie today is now at 1.1250 USD approx) The Americans have an almost 0% interest rate whereas Canada bumped theirs up to 2% in order to stimulate economy. (Canadian dollar worth less = more money for Canadian business because our goods are cheaper for international companies)

However, look for the loonie to bounce back soon with the US economy/stock market making a downturn and the instability in the middle east will undoubtedly drive oil prices up, and the loonie is almost directly related to the price of oil. Oil price goes up, loonie goes up. Oil price going up, and us economy going down = Loonie worth LOTS more. (relatively)

[DazMode]

It is good to remember about 2.5-3% exchange rate fee charged by banks on foreign currency transactions paid from Canadian dollar accounts. Which make thing little worse than you can get from internet screen.

[ch0c]

It is good to remember about 2.5-3% exchange rate fee charged by banks on foreign currency transactions paid from Canadian dollar accounts. Which make thing little worse than you can get from internet screen.

Haha, yeah, but that's bank fees. That's another story altogether. Some banks/credit cards will not charge a percentage based transaction fee for foreign exchange if you have that option. My credit card only charges a $2 flat fee for purchases in USD. If you are being charged 2.5-3% on your foreign exchange business transactions you should re-negotiate your terms with your bank if you do them frequently. If you are a small business owner (daz) and getting charged this fee frequently, you need to switch banks or speak to a representative at your bank, or look at doing your orders through a credit card company with no fees (or very low ones). 2-3% exchange fees would put some companies out of business if they were charged that on a regular basis.

Banks use LIBOR (London inter-bank offered rate) rate of exchange which is the exchange rate every day at 11:30 London time and a half hour preceeding it and following it (averaged). That LIBOR rate is good for a day and renews daily. They do this so they don't have to give LIVE exchange rate quotes for everyday transactions, which would be a headache. Prices tend to fluctuate during the day sometimes. The exchange rate in the paper is the LIBOR exchange rate for the day.

With the Canada/USA free trade agreement our governments are actively promoting cross-border business with feverish devotion, although it may not seem like that from the consumer's perspective. The B.O.C interest rate hike, and the subsequent drop of the Canadian dollar to approx .90c / USD is a reflection of this policy. All U.S.A-made goods are duty free, and likewise for the Americans if they order Canadian goods. (the major part of the free trade agreement)

But yeah, I agree, for a consumer, the Loonie being worth less than the American dollar hurts a bit, although it brings much more business to the Canadian economy (for the greater good). I remember when the dollar was at 70c / 1$ USD. So where it's at now isn't even that big of an issue, especially when it's set to most likely bounce back as the price of oil rises.

[gdesmo]

Aw guys, just spend the money you are saving on gas at Daz's place.

[bungwirez]

I like high priced gas. keeps the taxes flowing into our health care system.

also side note, its nice to see Steam pricing in CAD now.

[ch0c]

Aw guys, just spend the money you are saving on gas at Daz's place. [ATTACH=CONFIG]2935[/ATTACH]

Heh, no arguement, lol. Just saying, Loonie will bounce back, and it could be worse. Remember 65c to the USA dollar? I do.

And trust me, I have been spending. With close to a grand spent in the last month and probably more spending to be done. Might post the build log, I dunno. Not sponsored though so it doesn't really make sense I guess. People expect non-sponsored people to post unboxing photos and stuff which I think is just daft if your not sponsored. I can't stop every two seconds to take a picture of everything otherwise I'll never get anything done. (although I have been taking plenty of pics)

[ch0c]

I like high priced gas. keeps the taxes flowing into our health care system.

also side note, its nice to see Steam pricing in CAD now.

Yeah, high gas prices usually = high oil prices which generally always = strong Canadian dollar. When gas was the highest I've ever seen it, the Loonie was $1.10+. Talk about an oil based currency.

[DazMode]

Credit card purchases would awesome option, but it is unavailable for me as only bank wire is accepted by overseas suppliers. I shop about it a while ago and it all was the same 2.5% +transaction fee, may be I should check it again, even 1% can make a difference.

[DazMode]

Thank you BoC for driving CAd beyond 1.3x level

[Cyclops]

77 Cents now. Time to declare bankruptcy.

[gdesmo]

Noooooo !

[Hooded]

It's a ball breaker for sure