What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed mining company stock

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What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed mining company stock is $50 on the New York Stock Exchange and $52 CAD on the Toronto Stock Exchange. Assume that the exchange rate is such that 1 USD equals 1.01 CAD. Explain what is likely to happen to prices as traders take advantage of this opportunity.
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
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