Canada doubles down on interest rate cut

Canada's central bank is making a double cut in the interest rate.

This means that the interest rate is now 3.75 percent since the Bank of Canada lowered the rate by 0.5 percentage points.

"Over the past few months, inflation has fallen significantly from 2.7 percent in June to 1.6 percent in September. The latest indicators suggest that it will be around 2 percent in October," says Bank of Canada's chief Tiff Macklem in a statement.

This year, the Canadian interest rate has been cut four times.