In the last few weeks, Canada has shown economic strength. The GDP in the second quarter of the year 2017 has risen by an annual rate of 4.5 percent. Another piece of good news is that the unemployment rate in August decreased to 6.2 percent, the lowest since 2008.
This led to the announcement of increased interest rates by the Bank of Canada early September. The new Canadian rates of 1.0 percent pairs with the recent increase in the U.S interest rates to 1.25 percent. This way, Canada retains the toonie in competing position with the U.S dollar.
The foreign view of Canada continues relatively strong, vis-a-vis the ones of the U.S and UK. Expat community Internations announced a significant drop of the U.S and U.K in their annual ranking. The U.S ranking fell from position 26 to 43 while U.K dropped from the previous position of 33 to 54. Conversely, Canada ranked 16 among 65 studied nations.
Source: Trading Economics, Bank of Canada, Federal Reserve, InterNations
Written on 18 Sep 2016
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