Canada Macro Daily(Beta Mode)
Macklem Ties Policy to Domestic Data Amid CAD Slide
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| S&P/TSX | nan | +nan% |
| USD/CAD | 1.41 | +0.38% |
| EUR/CAD | 1.61 | +0.15% |
| WTI Crude | 90.83 | -3.98% |
| Natural Gas | 3.19 | +7.66% |
| Gold | 4,336.80 | -0.90% |
| Brent Crude | 96.30 | -2.97% |
| Bitcoin | 85,636.23 | -0.62% |
| Canada 2Y Govt Yield | 3.29% | -3 bp |
| Canada 10Y Govt Yield | 3.84% | -3 bp |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Canada 10Y Govt Yield | Type: macro_line | 10Y Yield %: 3.675 (2026-08-01) | Range: 1.45–4.062 | Trend(6pt): 1.597,2.942,3.504,3.109,3.388,3.675
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- USD/CAD climbs 0.38% to 1.41 while Canada 2Y and 10Y yields each ease 3 bp
- WTI crude falls 3.98% to 90.83 as natural gas jumps 7.66% to 3.19
- BoC governor Macklem reaffirms rate decisions rest on domestic data alone
Yesterday's Recap
Canadian markets recorded modest moves on quiet data calendars. USD/CAD advanced 0.38% to 1.41 and EUR/CAD gained 0.15% to 1.61, reflecting wider yield spreads versus the United States. The Canada 2Y yield declined 3 bp to 3.29% and the 10Y yield fell 3 bp to 3.84%, consistent with stable policy expectations.
Energy prices diverged sharply: WTI crude dropped 3.98% to 90.83 while Brent crude eased 2.97% to 96.30; natural gas surged 7.66% to 3.19. Gold slipped 0.90% to 4,336.80 and Bitcoin declined 0.62% to 85,636.23. No Statistics Canada releases occurred.
Bank shares including Royal Bank and National Bank posted gains on September 21. Canada and Norway signed a letter of intent to expand defence procurement cooperation. An opinion piece urged closer scrutiny of Statistics Canada’s August labour-force survey after the headline 42,000-job decline.
The Day Ahead
The domestic calendar remains empty through September 24. No Bank of Canada speeches or data prints are scheduled. Markets will monitor any follow-up comments from Governor Macklem’s Yellowknife visit.
Global developments, including Norges Bank and RBNZ decisions, may influence CAD crosses via commodity and risk sentiment channels. Energy traders will track further moves in WTI and natural gas after yesterday’s sharp swings. Broader fixed-income flows could keep pressure on Canada yields if U.S.
Treasury moves accelerate. Canada’s trade talks with India are described as making great headway, with a deal targeted in coming months.
Other Economic Notes
Canada and India reported great headway in bilateral trade talks, with officials targeting a deal within months. The government tabled Bill C-39 to close gaps in the Canada Labour Code, drawing a measured response from federally regulated employers. Ottawa and Oslo signed a letter of intent to expand defence procurement cooperation through a government-to-government model.
An opinion piece urged closer scrutiny of Statistics Canada’s August labour-force survey after the headline 42,000-job decline. ↓ p.2
