

I’m not a financial expert here, so some of the things you hit on in your reply I am not familiar with. I’ve never used GICs. RRSPs however can be invested, or sit in cash non-invested. Its the same account type either way.
Some, like BMO Investorline, will charge for it to sit in cash (Investorline charges you $100/month) - BMO Smartfolio won’t let you put things in cash, they say they aren’t setup for that.
I ended up moving my RRSP to an RRSP with my credit union. Its getting moved to an RRSP but it will sit in cash hold, uninvested, until such time as I am ready to put it back into the market. I did this before the 2020 dip as well. You can avoid the bubble popping this way. It doesn’t need to stay on the market.
I mean, in the case of changing values of currency, physical money isn’t changing anything there. As a Canadian forced to buy many things in USD I am constantly suffering from exchange rate changes which is similar. Money retains the same value in country though unless something goes really wrong at the bank of Canada. This is riskier because of trade and how interdependent nations are today.