Looks like there are so many news sources here today that are talking about the Canadian dollar against the US Dollar as apparently it hasn’t been this close in almost three decades. For those who don’t know, it is currently at $1.03552 to the U.S. dollar or basically one Canadian dollar is 96.57 cents U.S.
This kind of reminded me on how one of my friend trades currency as a way to make money. While this may not technically be the best way to explain it, essentially what you are doing is converting your money into a different currency in hopes that it will go up like a stock. A quick example would be say someone from the US converting $1000 US into Canadian dollars right now. If for some odd reason next week one Canadian dollar becomes equivalent to say $1.20 US, the person essential made 23.43 cents for every dollar they converted which in this case would mean about $234.30. Of course, it could go the other way around for the worst too.
I’ve never actually done this myself, but my friend thinks that it is a great way to make extra money and is one of the more straight forward things people can do.