It looks like the GTX 980 is selling for over $600 in Canada and the R9 390X are in the $550 zone. The 980 Ti are over $700 CAD and the R9 Fury X are over $800 CAD.
In the US, the GTX 980 can be had for under $450, the R9 390X can be had for around $350 the GTX 980 Ti can be had for under $530 and the R9 Fury X are around $630
Sounds like a problem with the Canadian dollar more than Nvidia's pricing.
Considering the GTX 1070 is faster than the R9 Fury X and GTX 980 Ti which sell for $200 and $100 more respectively, I'd say they are more affordable.
Sounds like you can expect to pay $350-$400 CAD for the RX480
Also I'd have to say, I doubt the retailers are losing money. If they are selling all of their stock at what you consider inflated prices, they are actually making more money. If they are not selling their stock, then the will reduce the price.
Newegg Canada and NCIX both seem to be sold out at the moment.