hi /biz/
basically, i'm a clueless minimum-wage who never really cared about money but : I inherited around 70k CADs and I don't know what to do with it (yes most of it are in savings accounts but that barely even grows 1.5%/year). Seeing how CAD value is going down should I do something about it?
>>1004071
CAD is what is generally known as a 'shadow currency' which sounds ominous but mostly means it is attached to a larger economy, but acts oppositely to news about that economy. the Swiss franc is the same way for the Euro, and the Aussie dollar shadows the Yen.
CAD fluctuations are generally just a byproduct of US economic news being good or bad. The whole Federal Reserve rate hike announcement has people thinking the US economy is back on track, which means CAD will decline.
First thing you should do with your inheritance is to wipe out any debt you may have. Car payments, mortgages, personal loans, whatever. Loan interest cuts deeply into your net profit
>>1004071
Im thinking the same thing. Hey /biz/ should I convert all my CAD savings into USD before CAD plummets further, or do you think it will stabilize around 70 cents?
>>1004083
It will go below .70, as long as oil keeps dropping. Imo move your money in USD or BTC.
>>1004089
How depressing :(
>>1004071
Do what these guys said. If you want to throw your cash into the US either buy dollars directly or buy VFV and throw it into your TFSA
>>1004071
Put into TFSA, convert to USD ASAP.
You're actually paying taxes on the pitiful amount of interest you get on that 70k sitting in a savings account, so you're actually LOSING money every year, as that 70k is worth 2% less every year (inflation is approx. 2%).
Park your money into a TFSA, buy USD assets like index funds or bonds. Keep your CAD holdings to a minimum.
>>1004071
I expect it to stabilize.
Oil has bottomed and the dollar always drops after the first rate hike. People price it in too much, and this rate hike session is going to be gradual.
Invest into Apple. It's going up as the dollar declines.
>>1004612
oil has not bottomed
mexico is going to flood the market
talk about climate change will reduce demand for oil/gas
the talk about lifting the export ban on oil in america is just rhetoric to praise mexico flooding the market
>>1004624
Oil has a hard floor at the 2009 low of $33. It's bounced around 37-34 the last few days and whenever it got close to breaking 34 it jumped. There's a ton of support at $33.
Mexico is going to flood the market? They are small fry in the market. They are pumping as much as they can.
Iran is priced in and now OPEC is as well. The fact you mention Mexico flooding the market shows me you know very little about the oil market.
If you want to see anything fundamentals wise, look at the huge production drop in America, Canada, and the North sea. The developed world is getting priced out hard, and exploration and new wells are vanishing in the developed world.
OPEC is taking back its market share.
I don't expect to see oil rise much over the next two quarters, but barring an economic recession, we have found our low.
Look for brent at $60 in Q4 2016. The dollar has peaked. Invest in emerging market stocks.
>>1004652
you don't even fucking know what support is
it's not something you can look at on a chart that happened almost seven years ago
"hurr durr, this price was trading a decade ago, massive support indeed!"
american companies have been putting a lot of money in mexico/canada as their currencies are cheap. mexico has also found recent reserves which put them on the major playing field.
>opec
>taking back market share
but it's kept its market share.
>dollar has peaked
Say hello to 2.5% rates in the next couple of years, and a dollar index of 120+.
