Norbert’s Gambit to exchange funds

I am sure you have answered this question 100’s of times but there are lots of new members and things change over time so I was hoping we could revisit Norbert’s Gambit…

I have been using an online foreign exchange and payments company to exchange funds in the past. I tend to transfer a large sum at one time and I would make use of Limit Orders (book a rate and wait to see if it hits) to get the best possible rate (you need to be patient like buying/selling stocks). Transfers from $US to $CAD were always easy and incurred $0 additional fees (took a few days to settle but nothing unreasonable). Unfortunately, the same is not true going from $CAD to $US; the $US bank changes $15 US fee (regardless of amount transferred in).

I always new of Norbert’s Gambit but felt my previous method was as good or better. Now that there is a fee when I go from $CAD to $US I am wondering if Norbert Gambit via Questrade would be a better option. What I have found so for is:
– DLR.TO and DLR.U.TO seem to be a popular/recommended ETF to use. Are there any advantages to one over another?
– It seems there are delays in the currency transfer as the shares need to be purchased, journaled, and then sold. I am sure the rate will fluctuate during this period of time. Assuming one has funds sitting around would it be a better idea to simply purchase the ETF and then journal the shares over when the rate is what one would like (or when funds needed keeping in mind funds will not be available for a couple of days).
– I believe the ETF purchase fee with Questrade is FREE unless ECN fees are incurred. To sell it would be $4.95 – $9.95 plus any ECN fees. This appears to be less than $15.00 US that I am paying outside Questrade.
– Is there any Capital Gains/Capital Loss implication to selling the ETF shares?

If you think of anything else that I missed please feel free to share.
FYI: I chose not to name the online foreign exchange and payments company so as not to advertise/promote. I did name Questrade because I know one of you uses Questrade.