The Toronto Argonauts get hit a lot. Most times they can see it coming and brace themselves. But what happens when they are blindsided by a tumbling loonie?

The fall of the Canadian dollar has struck some Argonauts with as much force as a helmet to the head.

The American players on the CFL team are paid in Canadian dollars — unlike the Toronto Blue Jays and Toronto Maple Leafs, who are not only paid much more, but they are paid in American dollars.

The Canadian dollar has slid to about 76 cents American — it closed at 91.37 cents (U.S.) on Aug. 22 last year — and the Argo players are getting pay slip shock when they go to the bank to convert their money.

The joke is that CFL salaries are the same as NFL salaries, just that the decimal point in the CFL number is moved a little to the left. The minimum wage for a CFL player is $51,000, and that translates to about $39,000 (U.S.).

The stars on the team, who make more than $100,000 — such as kicker Swayze Waters — have it easier financially. But he sees how hard it is for some of the lower-paid rookies.

“A lot of the young guys found out the hard way here,” Waters said.

Waters is a four-year veteran and he was here in the good times in 2012 when the dollar was at par. Since then, the dollar fell to an average of 97 cents (U.S.) in 2013 and 90 cents in 2014.

Waters now checks the exchange rate like a would-be currency trader.

“Oh, yeah,” he said. “Of course, I notice.

“I ask the teller every time I go to the bank what the rate is.”

Last year, Waters made the decision to leave his money in Canada rather than wire it back in American dollars. During the season, he shares accommodation with quarterbacks Trevor Harris and Mitchell Gale.

“Patience is the name of the game, I guess,” Waters said. “Our situation is okay, but it’s still not fun to think you have something and, after taxes and everything else, it’s not near what you think it is.”

Linebacker Greg Jones says his banker sounded the warning bell early in the season.

“I noticed it when I went to the bank to make a transfer,” he said, “and my bank teller told me, ‘It’s going to be rough right now until things change.’”

Jones’ banker suggested he leave the money in Canada until the dollar recovers. It’s not an option, as Jones has family expenses in Michigan: He and his wife have two newborn children to rear and a home with a mortgage.

His wife works for Target as a manager, but she’s on maternity leave and gets a reduced income.

“It’s been a little bit difficult to try to get money over in a pinch,” Jones said. “It was better last year. It’s been hard on the family, man.”

He is in the last year of his contract and didn’t want to talk about his salary.

“I live pretty modestly,” Jones said. “I rent a one bedroom on a six-month lease.”

His life wasn’t always so modest. He’s had some nice paydays in the NFL.

Jones was on the winning Super Bowl team with the New York Giants in 2012, and received a $60,000 (U.S.) bonus for that one game.

His salary while playing with the Giants and Jacksonville Jaguars helped him put a down payment on the house.

Rookie defensive back A.J. Jefferson, who played in the NFL with the Arizona Cardinals and Minnesota Vikings, is single and has no dependents, but he still feels the pinch.

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Yet Jefferson said he lives a simple life and spends his leisure time playing video games.

Most of the players cut costs by rooming together, although it’s tough getting a six-month lease with a furnished apartment. Jefferson rooms with fellow defensive back Devin Smith. They also carpool to practice at Downsview Park.

The players get a per diem of $115 when they are on the road, but some eat at McDonald’s and bank the rest.

Jones believes that if the Canadian currency doesn’t strengthen soon, some players may think twice about staying in Canada long term.

“I think you have to think about the exchange rate and how it can fluctuate,” he said.

Some veteran Argos have planned ahead for times like this.

Running back Chad Kackert, 28, who lives in Texas, has been in the league since 2010. He has divided up his salary over the years, putting some in a U.S. account and keeping a Canadian account too.

For instance, lately, he’s trying to take advantage of the weak Canadian dollar by filling up his Jeep Wrangler here with American dollars.

“Spending my American money up here is kind of fun,” he said.

Others may not be so lucky, he acknowledges.

“Rookies or guys who may be finishing up their career and going back to the States, they’ve got to exchange that money, and they’re taking a big hit,” Kackert said.

For most American players, however, the CFL is less about today’s paycheque than about the one they hope to collect tomorrow in the NFL.

“There’s nobody up here playing for the money,” Argos general manager Jim Barker said.

At least one American player on the Argos has found a sure-fire method to beat the currency exchange game.

Chad Owens, who is one of the highest paid players on the team, moved last off-season from Hawaii and bought a house for his family in Mississauga.

The numbers

CFL

Minimum salary: $51,000

Per diem: $115

NFL

Minimum salary: $435,000

Per diem: $113

MLB

Minimum salary: $507,500

Per diem: $100.50

NHL

Minimum salary: $575,000

Per diem: $103

NBA

Minimum salary (rookie): $525,093

Per diem: $127