How do I invest money in Canada
Invest while the Canadian dollar is really low
I've just started investing now that I've got a steady job, a retirement plan, government bonds, and good savings. With the Canadian dollar close to $ 0.70, it seems like a waste to buy US stocks right now.
To my understanding, given that both silver and gold are valued in USD, this seems like a waste as the dollar grows back to face value, resulting in a loss of profit from the exchange rate.
Investing in Canadian stocks seems like the safe bet as it is not affected by the exchange rate.
Since my currency is low, is there any way I can use my investments to my advantage?
If you're investing for the long term, focusing on Canadian ETFs is probably your best place to start. In the long run, the relative value of the Canadian dollar against other currencies doesn't matter much, especially if you continue to make, spend, and invest in Canadian dollars.
Trying to make money on currency fluctuations carries a high level of risk and is more likely to result in losses than gains. Think of forex trading as a game of chance rather than an investment.
They assume the Canadian dollar is at a low point and will rebound. The current level could be the new normal for many years to come. It could keep falling. If you want to bet the loonie will recover, how long are you willing to wait? The market can wait decades, right?
The naysayers here don't know what they're talking about. If you look at the history of the Canadian dollar exchange rate, you will see that it goes from high to low and back again in cycles. The only problem is that these cycles last for years. If you are patient, I have no doubt that the Canadian dollar will hit parity again.
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