The figure blow shows the time series of nominal effective exchange rate of Canadian dollars. Which of the following statement is not true? Monthly Nominal Canadian Effective Exchange Rates 150 145 140 135 DEL 110 105 100 95 2000 2005 2010 2015 2020 a) This is the exchange rate value of Canadian dollar relative to a basket of foreign currencies b) The figure shows that Canadian dollar tends to appreciate in the long run. c) The figure indicates that inflation rate in Canada is lower than the average level of its trading partners. d) The figure is consistent with the absolute purchasing power parity theory