Big Gains in Foreign Exchange in Q1/23In Q1 of 2022, RET had a forex gain of $1.85 m.
It had $ 25 million in cash at entry to Q1/22 and the USD was 1,26 that of Loonie .
So that CAD cash was worth about $18 million in USD of which the forex gain was $1.85 or 10
RET had $103 million in cash at entry to Q1 of 2023, a ratio of 4 times its cash holdings in Q1 of 2022.
At constant currency , the forex gain in Q1 of 2023 would be $1.85 ** 4 = $7.50 million CAD.
But, that $75 million at US Q1 23 forex of 1.35 is now worth about 4% more which is $3.0 million
So total forex gain in Q1 of 2023 should be in the $10 million range.
Forex gains upon conversion is real gains which add to the cash position.
Please check my calculations to ensure accuracy