Should I convert CAD to EUR this early?
May 18, 2010 12:27 PM Subscribe
I'll be traveling to Ireland in the fall of next year. Is now a good time to get a bunch of Euros for cheap?
posted by ODiV to Work & Money (8 answers total)
I'm in Canada. The Canadian dollar to Euro exchange rate looks great right now. I'm considering exchanging a couple thousand Canadian ahead of time.
Obviously it's not a sure thing that this will benefit me financially, but is it a good bet it will go back up in about a year and a half? If not to where it was then at least somewhere that makes the transfer worthwhile? Is this even answerable?
The fact that I'm doing this for travel and not for pure profit makes this easier; even if it stays around where it's at, I won't lose out. Also, I won't need to transfer the Euros back to Canadian dollars, which should simplify matters.
If there's no clear cut answer, which there probably isn't with any financial question, are there some good resources that can inform me on things that would affect my decision (like the Euro plummeting even further, Ireland switching to a different currency, and other possibilities I haven't considered)?