Those playing the forex probably felt the pain today

Quite an amazing thing that probably happens really rarely in history, and what’s even scarier is what caused it.

The Canadian dollar dropped nearly 2 entire cents. Normally I wouldn’t write about this because the fact is, It really only affects some folks and not others. However, it’s a huge thing for those of us constantly transferring tons of money around.

It’s quite historic and interesting that a comment (that seems rather mild to me) was the cause. The Bank Of Canada apparently released a statement that scared a bunch of investors and caused the CDN Dollar to fall.

Bloomberg, Toronto newspapers and a ton of other sources are reporting the significant change in our currency.

Citigroup Inc. exited a money losing trade after the drop in the loonie triggered an automatic stop-loss order, strategists Todd Elmer in New York and Michael Hart in London wrote in a note to clients today. The firm’s bet on the Canadian dollar versus the Australian dollar lost 1.7 percent, partly because of the Bank of Canada policy statement they released.

I don’t normally post about stocks, Forex or trading or the global markets to be honest. It’s not something that I really wish to deal in. On a grand scale, it’s not in my opinion, a very wise way of earning money or raising capital using and leveraging the money of folks who have no idea about you.

However, this is a significant event in how transactions will go and could even affect your conversion rates on your landing pages as you market things online.