Canada Macro Daily(Beta Mode)
BoC Leadership Shakeup
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| S&P/TSX | 31,883.81 | +1.81% |
| USD/CAD | 1.37 | +0.16% |
| EUR/CAD | 1.58 | -0.33% |
| WTI Crude | 90.57 | +2.77% |
| Natural Gas | 2.90 | +0.35% |
| Gold | 4,404.90 | +0.02% |
| Brent Crude | 101.60 | +1.66% |
| Bitcoin | 71,158.65 | +0.34% |
| Canada 2Y Govt Yield | 2.25% | +0.00% |
| Canada 10Y Govt Yield | 3.29% | -3.35% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Canada Short-Term Rates | Type: macro_line | Short-Term Rate %: 2.25 (2026-02-01) | Range: 0.1603–5.026 | Trend(6pt): 0.1603,1.429,4.994,4.138,2.251,2.25
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Bank of Canada announces departures of deputies Mendes and Kozicki, signaling major Governing Council changes amid policy continuity.
- Oil prices rally supports CAD, but markets clash on rate cut bets as yields dip and TSX climbs.
- Global tensions boost commodities, with Fed hold influencing cross-border rate expectations.
Yesterday's Recap
Canadian markets ended higher, with the S&P/TSX Composite rising 1.81% to 31,883.81, driven by energy sector gains amid surging oil prices. USD/CAD edged up 0.16% to 1.37, reflecting mild CAD weakness despite commodity support, while EUR/CAD fell 0.33% to 1.58 on euro softness. WTI Crude jumped 2.77% to 90.57 and Brent Crude rose 1.66% to 101.60, fueled by Middle East tensions, bolstering natural resource equities.
Natural Gas ticked up 0.35% to 2.90, while Gold held steady at 4,404.90 with a minimal 0.02% gain. Government bond yields diverged, with the Canada 10Y dropping 3.35% to 3.29% on rate cut speculation, but the 2Y unchanged at 2.25%. Bitcoin advanced 0.34% to 71,158.65, aligning with broader risk-on sentiment.
No major data releases occurred, keeping focus on BoC personnel news and global energy dynamics.
The Day Ahead
The calendar remains light with no scheduled Canadian economic releases or events, allowing markets to digest recent BoC leadership announcements. Attention may shift to any follow-up statements from the central bank on Governing Council transitions. Broader focus could turn to oil price movements and their impact on CAD crosses, given ongoing Middle East developments.
Traders will monitor US macro indicators for spillover effects on Canadian bonds and equities. Expect quiet trading unless unexpected news emerges on BoC appointments.
Other Economic Notes
Broader Canadian economic themes highlight resilience in commodity sectors amid global energy volatility, supporting TSX performance despite rate uncertainty. Housing and consumer spending face headwinds from elevated borrowing costs, with recent data showing sensitivity to the BoC's 2.25% policy rate. Fiscal policy emphasizes green energy initiatives, potentially boosting investment in renewables as oil dominance persists.
Global Macro News
Global markets reacted to the US Federal Reserve's decision to hold interest rates steady, influencing Canadian rate expectations and contributing to a dip in longer-term Government of Canada yields. (cont...)
