According to the official figures published by Statistics Canada, the Canadian rate of inflation increased up to 2,4% as of October 2014, Market Leader reports. the biggest gainers were food, the prices on closes and footwear as well as housing prices. All of the components take into account when calculating the CPI index showed a certain increase over the reporting period. The 2 biggest gainers were equal to 2,8%. Transporation fees were up by 1,1% while closes and footwear were up in price by 3,1% over the same reporting period, Masterforex-V Academy reports.
Alberta turned out to be the province with the highest rate of inflation in Canada last in October. Ontario and Quebec followed it.
At the same time, the Bank of Canada is reported to start raising interest rates net year. Some experts assume that this is going to happen in May 2015, sooner than previously expected. As for the predictions regarding Canada's GDP, they expect a boost from 2,4% up to 2,6%. The experts also expect the Canadian rate of unemployment to decline from the current rate of 6,9% down to 6,5% next year.
It should be noted that the level of the key interest rate set by the Bank of Canada has been equal to 1% since 2010.
As for the USDCAD exchange rate, the Canadian Dollar keeps on forming its long-term move down against its American counterpart, which corresponds to a rally in the market of USDCAD, MAsterforex-V Academy reports. The price has reached 1,1458. If the weakness of the Canadian Dollar continues in the near future, the price is likely to meet the following levels of resistance: 1.1465 and 1,1665.
