Montreal Trip -- How to maximize exchange rate value?
January 15, 2016 6:32 PM   Subscribe

We are planning a vacation in September of this year and noticed that the Canadian dollar is forecasted to drop as low as ~.55 USD. What is the best way to capitalize on the exchange rate favorably (as US citizens) and how long should we wait/watch the rates to get reservations?

We're open to suggestions on type of lodging, type of food choices, pretty much anything in reference to this crazy exchange rate thing that has cropped up in our favor.
posted by Phyltre to Travel & Transportation around Montreal, QC (2 answers total) 4 users marked this as a favorite
 
If you could predict FX rates consistently, you could quit your job and trade FX For a living.

You will presumably be booking your hotel rooms in CAD, so the only difference is whether you pay now or pay when you check out. If you think CAD continues to weaken, then wait until you check out to pay. If you think CAD strengthens, then pay now.

Likewise, if you intend to take out some cash in Canadian dollars...if you think CAD weakens, then don't do it now. If you think CAD strengthens, then take out Canadian dollars now.

But again this all boils down to which way you think CAD is going to go. Personally I'd suggest not to fret too much about it one way or the other. Canada is already cheaper in USD terms than it was 2 years ago, so you should enjoy the lower costs rather than fretting about the extra few hundred or so you "would have" saved if you had a crystal ball on CAD FX rates.
posted by pravit at 7:39 PM on January 15, 2016 [6 favorites]


I've always kept a US dollar account and visa, mainly so I can get my business expenses in the US reimbursed in USD, and avoid getting hit by the bank's spread. Sometimes I move some cash from one account to the other thinking the dollar can't go any higher, or lower. I'm always wrong.

And in FX, it's tough to ever be right. I'd spend the time researching Montreal and Quebec, maybe even learn a bit of French to make it easier to navigate the east side streets should you decide to go searching for a slice of the greasiest pizza imaginable washed down with some bière des épinettes.
posted by morspin at 9:30 PM on January 15, 2016 [1 favorite]


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