Same thing happened to me here in Oz last year. As "outraged" as I was, looking at the rates (Aussie $ was at parity with the USD a couple of years ago and since has been more like 75c) there's a good argument if not a complete justification.
I'm no Adobe supporter (at least not of their business practices), but cc pricing is pretty much on par here, whereas in the past on outright purchase, it was insanely higher (like 2 or 3 times) - and for no reason whatsoever. So while I would not trust Adobe as far as I could throw them, so far cc is OK - including the rate related hike. Will be interesting to see what happens in the next couple of years.
My advice? Try cancelling your subscription on the web and see what happens. I tried it and two seconds later was re-directed to the "would you reconsider for 3 free months?" offer webpage.