In an announcement made last Wednesday, the Bank of Canada had retained its benchmark interest rate unchanged for the 24th consecutive month in October. During its third meeting under the leadership of Governor Stephen Poloz, the bank said it would retain its overnight cash rate at 1%, according to expected levels.

The central bank had also dropped any reference to tightening or normalizing set rates. It said, in a statement accompanying the rate retention, 'that the substantial monetary policy stimulus currently in place remains appropriate.'

It had noted that the slow recovery of the European economy had suddenly increased alongside the renewed momentum of China's economy. The bank further forecasted US growth would continue until 2015. Overall though, the bank said the lower growth rates and tightened credit in many emerging markets would slowdown any overall growth in the world economy.

After the release of the data, the Canadian dollar fell against the US greenback, losing 0,8% to trade at USD1 to USD1.0370.