For anyone new to checking out my blog, Norbert's Gambit is a system where you buy a security on one exchange, and then sell it on another, effectively converting one currency to another. Efficient market keeps the price of the security very closely aligned with the current exchange rate.
The net result of my trade after fees was:
- Obtained: $0.96 CAD per USD
- Exchange rate at that moment: $0.9567 CAD per USD
- Result: Profit of $0.0033 over the exchange rate
So I got lucky and made money on my transaction, that's a lot better than paying fees to a bank to turn my currency from USD to CAD.