Canada
Gross Domestic Product
Contribution to quarterly change in real gross domestic product, SA
Illustrates the contribution of major expenditure components to the quarterly change in Canadian gross domestic product. Each bar decomposes the net quarterly change in real output into key categories, showing how much each component has added to or subtracted from overall growth.
Canada
Net Change in Employment
Employment, monthly change, SA, updates monthly
The Net Change in Employment measures the monthly change in the number of people employed. In Canada, the estimate includes both full-time and part-time employment and includes the number of persons who work for pay or profit, or perform unpaid family work. Markets monitor this number to gauge the strength of consumer spending, which impacts economic growth and monetary policy expectations.
Canada
Unemployment Gap
Canada-US unemployment rate gap, SA
Illustrates the difference between unemployment rates in Canada and the United States over time. The two unemployment rates are calculated differently and represent structurally-different economies, but the gap between them nonetheless highlights relative labour market slack between the two economies. Historically, widening Canadian slack relative to the US has tended to coincide with a weaker Canadian dollar (higher USDCAD) after a lag, while a narrowing gap has been associated with Canadian dollar strength.
Canada
Consumer Price Index
Consumer Price Indices, annual change, %, updates monthly
The Consumer Price Index is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Statistics Canada reports an ‘All-Items’ number that includes all categories in the calculation basket, three preferred measures of core inflation preferred by the Bank of Canada: 'Trim', which excludes components whose rates of change in a given month are located in the tails of the distribution of price changes, 'Median', which corresponds to the price change located at the 50th percentile of the distribution of price changes in a given month, and 'Common', which tracks common price changes across categories. The Trim and Median measures are seasonally adjusted, All-Items and Common are not.
Canada
Policy Rate
Bank of Canada Target for the Overnight Rate, %
The Policy Interest Rate is an overnight interest rate that the Bank of Canada targets in order to influence monetary variables in the economy, including consumer prices, exchange rates, and credit growth. The Bank of Canada adjusts the target for the overnight rate on eight fixed dates each year.
Canada
Money Supply Growth
M2 Money Supply, annual change, %, SA, updates monthly
M2 Money Supply is a measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.
Canada
Bank of Canada Assets
Bank of Canada Total Assets, billions CAD, updates monthly
The Bank of Canada’s Balance Sheet is a financial statement that shows what the central bank owes and owns. The Bank’s assets consist primarily of Government of Canada and provincial bonds. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Canada
Debt Ratios
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates quarterly
Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Canada
Trade Balance
Trade Balance, balance of payments basis, billions CAD, SA, updates monthly
The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
Canada
International Investment Position
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates annually
The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Latest Analysis
Global inflation pressures building
02 June, 2026
• Holding on. Modest financial market moves. US equities & oil tick up. NZD a bit softer. AUD edges up slightly & outperforms on the crosses.• Data flow. More signs US jobs market is holding up....
Iran headlines dominate currency market price action
02 June, 2026
Treasury yields and the dollar are retreating from yesterday’s highs after Hezbollah and Israel agreed to temporarily halt cross-border fighting, giving Iranian officials cause to return to the bargaining...
Middle East uncertainty continues
01 June, 2026
• Headline noise. Conflicting Middle East news generated a few bursts of volatility. US bond yields & USD ticked up. NZD & AUD lost a bit of ground.• Macro events. Eurozone CPI tonight. US non-farm...
Living on borrowed time
01 June, 2026
The US Treasury market has long served as the world’s financial anchor—deep, liquid and reliably stable. That reputation for placidity is becoming harder to sustain*. America is borrowing at a pace that...
Iran cycle continues, keeping yields and the dollar aloft
01 June, 2026
Good morning. Equities look set to extend May’s advance at this morning’s open, even as the dollar and Treasury yields climb amid another round of escalatory strikes in the Middle East. Overnight,...
Caution creeps back in as US-Iran truce remains unresolved
29 May, 2026
Happy Friday. Oil prices and the dollar are paring their losses this morning after dropping sharply yesterday on reports of a tentative agreement between the US and Iran. According to multiple sources,...
Markets advance incrementally on Mideast optimism
27 May, 2026
Good morning. Oil prices and Treasury yields are easing as markets grow more confident that a deal between America and Iran could reopen the Strait of Hormuz, despite a series of military actions in recent...
The loonie and the leavers
26 May, 2026
On October 19th, Albertans will answer a question no province outside Quebec has ever formally put to its voters: whether to begin the legal process toward a binding referendum on leaving Canada. The wording...
Middle East uncertainties keep markets guessing
26 May, 2026
Good morning. Oil prices are climbing and the dollar is trimming its losses against major peers as hopes for a near-term diplomatic resolution to reopen the Strait of Hormuz fade amid a fresh round of...
Unemployment & the RBA
21 May, 2026
• Market swings. Conflicting US/Iran reports generated volatility. US equities a bit higher. USD whipped around. Local/offshore factors push/pulled the AUD.• AU jobs. Weak jobs report in April. Employment...