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
Confused Iran headlines keep markets hemmed in
22 April, 2026
Good morning. Markets are struggling to find direction as conflicting signals on the war in Iran leave traders rudderless. Vice President JD Vance yesterday postponed a trip to Pakistan after Iranian officials...
Will they or won't they
21 April, 2026
• Market wobbles. Fears of a re-escalation in Iran dampened sentiment overnight. President Trump extended the ceasefire this morning.• FX moves. USD firmer due to higher oil & strong US retail sales....
US consumer spending stays strong, supporting yields and the dollar
21 April, 2026
American households seemingly remained undaunted by the war in Iran last month, spending more than expected even as measures of consumer sentiment plunged to historic lows. According to figures published...
Markets stumble as Iran conflict reignites
20 April, 2026
Good morning. The dollar is inching higher and risk appetite is faltering after Tehran attacked shipping in the Strait of Hormuz while the US maintained its blockade of Iranian ports and seized an Iranian-flagged...
Open, Shut Them
19 April, 2026
• Ongoing uncertainty. Weekend news the Strait of Hormuz has been closed dampened sentiment. USD a bit firmer. AUD gives back some ground.• Volatile situation. More twists & turns likely. Impact on...
Optimism reigns across financial markets, weighing on the dollar
16 April, 2026
Good morning. Financial markets are in an ebullient mood as investors bet the US and Iran will reach a peace deal in the coming weeks, allowing the Strait of Hormuz to reopen and relieving the supply shock...
Hopes & dreams
14 April, 2026
• Positive vibes. Markets hopeful another round of US/Iran talks yield positive results. Oil lower, equities higher. USD weaker. AUD at multi-week high.• Macro pulse. IMF downgraded global outlook. Australian...
Diplomacy hopes drive dollar lower
14 April, 2026
Good morning. Financial markets are rallying on hopes for a renewal of diplomatic engagement in the Middle East, with some media outlets reporting that US and Iranian negotiating teams could return to...
Iran whiplash forces markets into retreat
13 April, 2026
Hopes for a swift resolution to the war in the Middle East were shattered over the weekend when US-Iran peace talks collapsed and President Trump announced plans to blockade the Strait of Hormuz. Tehran...
One step forward, two steps back
12 April, 2026
• US/Iran conflict. Weekend talks ended without an agreement. Energy prices jumped this morning. USD firmer. AUD & NZD lose ground.• Macro risks. US threatens to blockade the Strait of Hormuz. Downside...