Bjorg3in said:
Anacortian said:
They overvalue their currency. I live within two hours of the boarder, and I have worked food service. They often do not understand why an American just will not take a Loony at the same value as a greenback.
I hope you realize that US currency is practically the same price as CAD these days.
http://www.xe.com/ucc/convert.cgi?Amount=1&From=CAD&To=USD&x=38&y=20
imo, Americans overprice their currency.
You, sir, were ninja'd. Here is what I wrote to respond to the first guy who said pretty much the exact same thing:
The posted market rates for currency are not the real rates. Anybody ever traveling is well aware of this or daft. Anybody under the delusion that some law exists that forces others to exchange currency at the posted rate is wrong. I lived in Canada the scholastic year of '98. At that point the Dollar was 60 cents to the Loony according to any board, but I could never get that rate in Canada. Shop owners devalued foreign moneys the most. If you wanted what they had and could only give them greenback, you just had to take below posted market rate. In the end, the merchant can always refuse your coinage.
By and large, the actual local US-Canadian exchange rate will lean to overvalue whichever is domestic when compared to the posted rate. I had to deal with it when I lived in Canada. I never principally complained, although I did occasionally haggle. Haggling is the same real market at work; posted boards are mere snapshots that become old news the instant they are posted.
While I never argued with this mechanic as a green-moneyed American in Canada, I have seen many Canadians unable to grasp this. I oft experienced Canadian who would place moral and legal imperatives to the exchange rate they looked-up before crossing south. I would be misinformed by these folk that I was required by law to accept the posted rate. They were either deluded, ignorant, or both. More to the point, I have never seen this among Americans.
To answer your question directly. I believe that, if I were in Canada, I would trade the Dollar at parity. In America, I would trade it at 90 cents to the Loony. If a visiting Canadian would not agree with that arrangement, I would not transact with him. At this point, he would see that a Loony or Greenback is only of the value that others will give it. When we cannot come to an agreement, his currency becomes (to me) worthless, but I would and do expect the same service if I were visiting Canada.