In all the years that I’ve been doing business on the World Wide Web, nothing has affected my income as much as this killer. And the worst thing is there is nothing I can do about it because it is completely beyond my control. I am really helpless against it. What am I talking about? The Canada US currency exchange rate.
The rise of the Canadian is killing me! Unlike most Canadians I get paid in US dollars, but I have to convert that money into Canadian in order to spend it here. My recent EFT payment from Google was done at an exchange rate of just 1.13 CAD to 1.00 US. Today the exchange rate is at 1.09. If this keeps up, the Canadian dollar will be worth more than the US! I remember when I use to get $1.60 CAD for every $1.00 US I exchanged. Those were the good old days, when I could have walked into the bank with a check for $10,000 US and they would credit $16,000 CAD to my account. If I try that today, I would only get $10,900.
Because of the Canadian dollar’s rise, I have been keeping all my payments in a US dollar account and only transferring to CAD what I need to pay bills. However, every time I make an exchange I get less and less back because the Canadian dollar keeps going up and up. Hopefully, Canada will see that having such a high dollar is not good for me and will do something about it. After all, I voted for Stephen Harper. He owes me!