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In forex (fx) trading, the settlement currency (also referred to as payment currency) is the second currency listed in the currency pair description (example: EUR.USD). The transaction currency multiplied by the exchange rate will indicate the settlement currency amount for the transaction.

Cross-currency settlement risk is a type of settlement risk in which a party involved in a foreign exchange transaction sends the currency it has sold but does not receive the currency it has bought.

Because Margin accounts allow you to borrow funds to invest or trade, Questrade will not convert your currencies for you automatically. This allows you to have more flexibility with your account, and borrow or convert currencies as needed.

1. Foreign exchange (FX) settlement risk is the risk of loss when a bank in a foreign exchange transaction pays the currency it sold but does not receive the currency it bought.FX settlement risk is a form of counterparty risk involving both credit risk and liquidity risk.

Trading the EUR/USD currency pair is also known as trading the "euro." The value of the EUR/USD pair is quoted as 1 euro per x U.S. dollars. For example, if the pair is trading at 1.50, it means it takes 1.5 U.S. dollars to buy 1 euro.

The settlement date for stocks and bonds is usually two business days after the execution date (T+2). For government securities and options, it's the next business day (T+1). In spot foreign exchange (FX), the date is two business days after the transaction date.

From the main menu, go to Requests, then click Exchange Funds. Choose what type of account (margin, TFSA, etc.), then specify whether exchanging USD to CAD, or CAD to USD. Enter the amount of USD or CAD to exchange. Click Submit.