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Canadian Dollar Cracks As International Tourism Booms

CXI January 20th, 2016
Canadian Dollar Cracks As International Tourism Booms

Photo: morbokat


The Bank of Canada released today that it’s keeping its overnight rate at 0.5 percent. And the bank rate is correspondingly at 0.75 percent and the deposit rate is locked in at 0.25 percent.

Overall the bank expects inflation to rise about 2 percent by early 2017. And now expects the economy's growth to be delayed until the second quarter of 2016.



They also project Canada's economy will grow by about 1 1/2 percent in 2016 and 2 1/2 percent in 2017. But due to the sinking oil prices, it looks like other resources will be the main source of advancing the economy. 

“The protracted process of reorientation towards non-resource activity is underway, helped by stronger U.S. demand, the lower Canadian dollar, and accommodative monetary and financial conditions,” policy makers led by Governor Stephen Poloz said in a statement.



Which means there’s no better time than now to visit Canada and explore every corner of it.

As a matter of fact, Canada was ranked as #2 in best countries around the world. And ranked as #1 for best quality of life, according to U.S. News




About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 80 foreign currencies, multi-currency cash passport’s and traveler’s cheques. For financial institutions, our services include the exchange of foreign currencies, international wire transfers, purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com.