Investing my Canadian currency for American?

Im thinking of having my savings exchanged into american currency and holding onto it untill the dollar regains it value. Then when the dollar is strong again transfer it back in to Canadian dollars. Any opinions on weather this would be a wise tax free investment

No, you would be subject to a 15% withholding on your interest earnings but I believe you would be able to hide any currency gain if you were lucky enough to get them.

I agree it is very contrarian. Good Luck! I think you might get a reprieve if Canada substantially lowers rates or if the Dems can fix our fiscal problems but for the long term it looks bleak because our trade deficit I feel at the point of no return and will get substantially worse since our country is outsourced and has to import oil at a higher rate annually.

I think the real estate answer make lots of sense if you are patient. You will have lots of purchasing power with our weak real estate prices and strong currency which will likely to reverse based on higher future inflation.

Sounds contrarian to me

Personally I could see continuing weakness in the dollar for a while, so you would be taking a bit of a gamble, especially if you need the money in the near term.

Also note that if Canada has a capital gains tax you may still be legally required to pay a tax on your investment (because what you are describing is an investment).

Finally you might consider buying some form of US investment (ie US stocks, property, something else that is likely to appreciate in value.) Even if the USD doesn't go up against the CD you may still make money.

Look at some undervalued investments like MLP pipelines ETP; SUG; TPP; BPL. or even a company like JNJ.

Good luck