Canada Macro Daily(Beta Mode)
Oil Slumps, CAD Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| S&P/TSX | 31,941.59 | +0.18% |
| USD/CAD | 1.38 | +0.44% |
| EUR/CAD | 1.60 | +0.42% |
| WTI Crude | 86.81 | -6.00% |
| Natural Gas | 2.86 | -2.96% |
| Gold | 4,561.60 | +3.69% |
| Brent Crude | 94.18 | -9.87% |
| Bitcoin | 71,512.27 | +1.41% |
| 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 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 | |||
- Canadian dollar softens amid sharp oil price declines and Middle East tensions.
- TSX edges up modestly, supported by gold rally despite energy sector drag.
- BoC faces internal changes with deputy governors departing, signaling potential policy shifts.
Yesterday's Recap
Canadian markets showed mixed performance as oil prices tumbled sharply, with WTI Crude dropping 6.00% to $86.81 and Brent Crude falling 9.87% to $94.18, pressuring energy-linked assets. The S&P/TSX Composite rose 0.18% to 31,941.59, buoyed by gains in materials amid a 3.69% surge in gold to $4,561.60 as safe-haven demand intensified. USD/CAD climbed 0.44% to 1.38, reflecting CAD weakness tied to commodity declines, while EUR/CAD increased 0.42% to 1.60.
Natural Gas slipped 2.96% to $2.86, adding to energy sector woes, but Bitcoin advanced 1.41% to $71,512.27, providing some diversification relief. Government bond yields diverged, with the Canada 10Y Govt Yield declining 3.35% to 3.29%, signaling market bets on softer policy amid economic uncertainty, while the 2Y remained flat at 2.25%. No major data releases occurred, but news of Bank of Canada deputy governors departing contributed to cautious sentiment in fixed income markets.
The Day Ahead
No significant Canadian economic data releases are scheduled for today, allowing markets to digest recent commodity volatility and global tensions. Attention may shift to any unscheduled Bank of Canada announcements, particularly regarding delayed market operations as reported. Traders will monitor CAD crosses for further weakness if oil prices extend losses.
Broader focus includes potential ripple effects from Middle East developments on energy commodities. Tomorrow also lacks key events, potentially leading to subdued trading volumes.
Other Economic Notes
Broader Canadian economic themes highlight persistent inflation pressures, with the latest CPI YoY at 2.32% as of March 2025, influencing BoC's cautious stance. Housing affordability remains a challenge, exacerbated by high interest rates, though resilient consumer spending supports growth. Trade uncertainties, including potential U.S.
tariffs, weigh on export-dependent sectors like autos and materials.
