Buying low and selling high in currency conversion, CAN-USD, can money be made this way?
My wife and I have some cash to play with and she is talking about buying American money (we are Canadian) and putting it in an American dollars account at our bank. Right now their dollar is about at par with ours. Later, if the CAN goes down or USD goes up, we can sell (well, convert) back to Canadian dollars to make money?
This all seems so simple and I understand there would probably be fees for the transferring, but we’re looking at doing this with about 30K, so I’m pretty sure it would be worth our while.
Anyone want to ring in? Are people doing this out there, it just seems like such an easy way to make money, not a living, but these days every little bit helps, right.
Sorry, if this is not truly a question, I guess I just want to hear your opinions.
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It can be but to many higher ups are out to get you. George Soros makes a lot of money this way. You have to be very experienced and patient.