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Bank of Canada Projects Gradual Economic Recovery

by cms@editor July 29, 2026

written by cms@editor

The Bank of Canada’s July 2026 Monetary Policy Report projects that economic growth in Canada will pick up after a weaker-than-expected start to the year. GDP growth is expected to be slightly stronger in 2027 and 2028, according to the central bank’s projections. The outlook reflects expectations that the Canadian economy will gradually recover from the soft patch experienced in the first half of the year, supported by improving global conditions and the resilience of the domestic economy. However, risks to the outlook remain, including the potential for further trade disruptions and geopolitical uncertainties that could weigh on economic activity.

Headline inflation in Canada has risen above 3 per cent, but the Bank of Canada expects inflation to ease in the coming months if oil prices and gasoline refinery margins decline as assumed. The central bank’s projections are based on the oil price futures curve as of July 9, 2026, and on an assumed narrowing in gasoline margins. The Bank of Canada continues to monitor inflation developments closely and has indicated that it will adjust monetary policy as needed to achieve its inflation target. The central bank’s goal is to bring inflation back to the 2 per cent target, which it expects to achieve by early 2027.

The Canadian economy has faced a number of challenges in recent months, including the trade tensions with the United States, which have created uncertainty for businesses and consumers. The latest round of tariffs announced by the Trump administration would affect a wide range of Canadian products, and the threat of further tariffs has weighed on business investment and consumer confidence. The Bank of Canada has been monitoring the situation closely and has indicated that it stands ready to adjust monetary policy if the trade disruptions threaten the economic outlook.

Economics

Small Business Confidence Improves Despite Trade Uncertainty

by cms@editor July 29, 2026

written by cms@editor

Small business confidence in Canada rose to 58.3 points in July, according to the latest Monthly Business Barometer by the Canadian Federation of Independent Business. The improvement in confidence is a positive sign for the Canadian economy, as small businesses are a vital part of the country’s economic fabric, employing millions of Canadians and contributing significantly to GDP. However, the new tariff threat from the United States could weigh on sentiment in the coming months, as businesses grapple with the uncertainty created by the escalating trade war. The CFIB’s data suggests that while businesses are cautiously optimistic about the economic outlook, they remain concerned about the potential impact of trade disruptions.

The Canadian Federation of Independent Business has also projected that private investment will weaken, even as GDP is expected to grow in the second and third quarters of 2026. The weak investment outlook reflects the uncertainty created by the trade tensions, as businesses delay capital expenditure decisions until the trade situation becomes clearer. The CFIB’s Main Street Quarterly report highlights the challenges facing small businesses, including rising costs, labour shortages, and regulatory burdens. The combination of these factors has made it difficult for small businesses to thrive, even as the broader economy shows signs of recovery.

Small businesses across Canada have been feeling the effects of the trade tensions, with many reporting that the uncertainty has made it difficult to plan for the future. The tariffs imposed by the United States have increased costs for businesses that rely on imported inputs, while the threat of further tariffs has created anxiety about the future. The Canadian government has been working to support small businesses through various programs and initiatives, including export development assistance and access to financing. However, many small business owners have expressed frustration with the lack of a clear plan to address the trade challenges.

Economics

Canadian Dollar Weakens Amid Trade Tensions with United States

by cms@editor July 29, 2026

written by cms@editor

The Canadian dollar hit a one-week low as yield spreads widened on the U.S. tariff threat, with the currency weakening 0.2 per cent against the greenback and touching its weakest since July 14 at 1.4104. The depreciation of the loonie reflects growing concerns among investors about the impact of the escalating trade war on the Canadian economy. The currency’s decline has been driven by a combination of factors, including the widening interest rate differential between Canada and the United States and the flight to safety that has benefited the U.S. dollar. The Canadian dollar’s performance has important implications for the economy, as a weaker currency makes Canadian exports more competitive but also increases the cost of imports.

The Bank of Canada’s Monetary Policy Report noted that economic growth in Canada has been weak but is set to pick up. Headline inflation has risen above 3 per cent, but if oil prices and gasoline refinery margins decline as assumed, inflation should ease in the coming months. The central bank’s projections are based on the oil price futures curve as of July 9, 2026, and on an assumed narrowing in gasoline margins. The Bank of Canada continues to monitor economic developments closely and has indicated that it will adjust monetary policy as needed to achieve its inflation target and support economic growth.

The trade tensions with the United States have created significant uncertainty for the Canadian economy, making it difficult for businesses to plan for the future. The latest round of tariffs announced by the Trump administration would affect a wide range of Canadian products, including electronics equipment worth more than $4 billion US. The uncertainty has weighed on business investment and consumer confidence, with many Canadians expressing concern about the economic outlook. The Canadian government has been working to reassure businesses and consumers that it has a plan to address the trade challenges, but the situation remains fluid.

Economics

Trump’s New Tariff Threats Create Uncertainty for Canadian Economy

by cms@editor July 29, 2026

written by cms@editor

U.S. President Donald Trump has imposed a tariff of 50 per cent on a wide range of Canadian products, citing what the White House calls Canada’s “discrimination” against U.S. alcohol, automotive, and dairy products. The new tariffs, which are expected to take effect in 30 days, represent the latest escalation in the trade war between the two countries. The announcement has created significant uncertainty for Canadian businesses and workers, as the tariffs would affect billions of dollars’ worth of Canadian exports. The Canadian government has vowed to respond forcefully, with Prime Minister Mark Carney stating that his government will do “whatever it takes” to defend Canada’s national interests.

Karl Schamotta, chief market strategist at Corpay, said the latest round of tariffs risks deepening the tit-for-tat spiral of retaliation and dragging Canada’s currency to a weaker place. While the Canadian dollar slid following the announcement, Schamotta noted that the fact that it didn’t “fall off a cliff” is good news and a sign that markets view the new proclamations as a threat rather than a certainty. Still, he said the 50 per cent levies could deal a “devastating blow” to the Canadian economy if they do come to pass. The uncertainty created by the tariff threats has made it difficult for businesses to plan for the future, with many delaying investment decisions until the trade situation becomes clearer.

The Ontario Chamber of Commerce described the decision to expand tariffs as a “needless, reckless escalation” in the trade war imposed on Canada by Trump. Daniel Tisch, president and CEO of the Ontario Chamber of Commerce, said Canadian and American businesses alike are tired of the endless cycle of threats, retaliation and uncertainty. Tariffs are taxes on growth, Tisch said, meaning higher costs, disrupted supply chains, delayed investment decisions and increased pressure on workers, businesses and communities on both sides of the border. The chamber called on Canada’s first ministers to act now to remove internal trade barriers, accelerate approvals for nation-building infrastructure, help businesses diversify export markets and create conditions for businesses to invest and innovate.

Economics

Canada’s Inflation Rate Cools Below Expectations in June

by cms@editor July 29, 2026

written by cms@editor

Canada’s annual inflation rate cooled more than expected to 2.8 per cent in June, according to data released by Statistics Canada, as gasoline costs fell sharply following the signing of a memorandum of understanding between the United States and Iran. The reading came in below the 2.9 per cent forecast by analysts polled by Reuters and represented a significant decline from the 29-month high of 3.2 per cent recorded in May. The moderation in inflation has been welcomed by economists and policymakers alike, as it suggests that the Bank of Canada’s efforts to bring inflation under control are beginning to bear fruit. The central bank projects that inflation will ease to about 2½ per cent in the second half of 2026, reaching the 2 per cent target by early 2027.

Gasoline prices were the biggest contributor to the easing in the inflation rate, with the cost of fuel purchased at the pump falling by over 10 per cent in June. On a year-over-year basis, gasoline costs rose at a rate of 20.5 per cent in June, down from a rise of 33.2 per cent in the prior month. Excluding gasoline, the Consumer Price Index was unchanged in June compared with May, at 2.2 per cent. The decline in gasoline prices reflects broader trends in global energy markets, including the geopolitical developments that have influenced oil prices. However, the war in the Middle East has since flared up again, and gasoline costs have started inching up, suggesting that inflationary pressures may persist.

Transportation costs, which account for around 18 per cent of the CPI basket, rose by 6.7 per cent in June on an annual basis. Other items in the basket that grew at more than 3 per cent were food, which rose by 3.5 per cent in June, and the recreation, education and reading category, which increased by 3.8 per cent. However, the rise in grocery prices cooled slightly, with the cost of food purchased from stores rising by 3.9 per cent on an annual basis last month, down from 4.3 per cent in May. June was the 17th consecutive month that grocery price inflation outpaced the all-items CPI, reflecting the persistent pressure that food costs have placed on Canadian households.

Sport

Canadian Athletics Team Shows Promise at Scotstoun Stadium

by cms@editor July 29, 2026

written by cms@editor

The athletics competition at the Glasgow 2026 Commonwealth Games has provided Canadian athletes with opportunities to showcase their talents on the international stage. The second day of athletics competition at Scotstoun Stadium saw Ottawa’s Lauren Gale win her heat in the first round of the women’s 400-metre, advancing to the semifinals with a time of 51.59 seconds. Gale’s performance was one of several strong showings from Canadian athletes, demonstrating the depth of talent in the country’s track and field programs. The Commonwealth Games represent an important opportunity for Canadian athletes to compete against top-level opposition and gain valuable experience.

In the women’s heptathlon, Canadians Sienna MacDonald and Hannah Blair sit seventh and ninth, respectively, after the first two events. MacDonald won her 100-metre hurdles heat in 12.99 seconds, while Blair finished in a season’s best 13.93. In the high jump, Blair cleared a height of 1.73 metres while MacDonald reached 1.64 metres. These performances demonstrate the competitiveness of the Canadian athletes in multi-event competitions, which require a combination of speed, strength, and technical skill. The heptathlon is one of the most demanding events in athletics, and the Canadian athletes have shown they can compete effectively.

In the first round of the men’s 800-metre, Abdullahi Hassan’s time of 1:47.30 was good enough to get him to the semifinals. Fellow Canadian Justin O’Toole finished fifth in his heat and did not advance. The men’s middle-distance events have traditionally been an area of strength for Canadian athletics, and Hassan’s performance suggests that the program continues to produce competitive athletes. The semifinals will provide an opportunity for Hassan to test himself against the best in the Commonwealth and potentially qualify for the final.

Sport

Canadian Swimmers Make Waves in Glasgow Competition

by cms@editor July 29, 2026

written by cms@editor

Canadian swimmers have been making significant contributions to the country’s medal tally at the Glasgow 2026 Commonwealth Games, with several athletes reaching finals and earning podium finishes. Josh Liendo’s gold medal in the men’s 100-metre butterfly was a highlight, but he is far from the only Canadian swimmer performing at a high level. The Canadian swimming program has shown considerable depth, with athletes advancing in multiple events and challenging for medals across various disciplines. The competition at the Tollcross International Swimming Centre has been intense, but Canadian swimmers have consistently risen to the challenge.

Kylie Masse has been a standout performer, with the upcoming women’s 100-metre backstroke final expected to feature a showdown between Masse and Australia’s Mollie O’Callaghan. Masse took silver at Birmingham 2022 and will look to take another step up the podium. Joining Masse in representing Canada in this race is 17-year-old Madison Kryger of Niagara Falls, Ontario, who is gaining valuable experience on the world stage and making her second final at these Games. The presence of young athletes like Kryger alongside experienced competitors like Masse bodes well for the future of Canadian swimming.

Oliver Dawson has also been impressive, coming extremely close to landing on the podium on Saturday in the 100-metre breaststroke, finishing just five-hundredths of a second behind bronze-medallist Adam Ramsay-Peaty of England. Dawson’s performance demonstrates the fine margins that separate success from disappointment at the highest level of competition. He will be looking to earn a spot in the men’s 50-metre breaststroke final as the competition continues. The Canadian men’s swimming program has produced consistent results, and Dawson’s performances suggest that he is emerging as a medal contender for future competitions.

Sport

Commonwealth Games Showcase Canadian Gymnastics Excellence

by cms@editor July 29, 2026

written by cms@editor

Canadian gymnastics has emerged as one of the standout stories of the Glasgow 2026 Commonwealth Games, with athletes from across the country delivering performances that have captured the imagination of fans. Félix Dolci’s three gold medals represent a remarkable achievement, but he is far from the only Canadian gymnast making headlines. The men’s team event saw Canada claim gold, with Dolci playing a central role in that victory. The team’s success reflects the strength of Canada’s gymnastics development programs and the dedication of athletes who have trained for years to reach this level. The Commonwealth Games have provided an ideal platform for these athletes to showcase their skills against top international competition.

William Emard also represented Canada in the men’s all-around final, finishing eighth with a score of 77.250. While not reaching the podium, Emard’s performance demonstrated the depth of the Canadian men’s gymnastics program. Dolci’s silver medal performance in the all-around was particularly impressive given that he was sitting in 17th place at one point during the competition. His comeback was fueled by a huge score on the horizontal bar (14.500) in the final rotation, helping secure his silver medal finish. He also posted strong marks on vault (14.200), parallel bars (13.950), and rings (13.850). This ability to perform under pressure is a hallmark of elite athletes, and Dolci has demonstrated it consistently throughout the Games.

Canadian gymnasts have also excelled in the women’s competition, with multiple athletes contending for medals. The women’s all-around final saw Fontaine and Black sitting first and third after the opening rotation, with both Canadians moving to the uneven bars for the second rotation. The competition remains highly competitive, but Canadian gymnasts have shown they can match the best in the Commonwealth. Black’s experience has been particularly valuable, as she has been a fixture on the Canadian gymnastics scene for years and has competed at multiple international championships. Her ability to perform consistently at the highest level has made her a role model for younger gymnasts across the country.

Sport

Canada’s Medal Count Grows with Strong Performances in Glasgow

by cms@editor July 29, 2026

written by cms@editor

Day 4 of the Glasgow 2026 Commonwealth Games proved to be one of the most successful for Canada, with the country winning 12 medals, including golds from gymnasts Fontaine, Carroll, and Dolci. The medal haul represented the depth of Canada’s athletic talent and the effectiveness of the country’s preparation for the Games. Gymnastics continued to be a major source of success, with Canadian athletes dominating in multiple events. Ellie Black added to her collection with a silver medal in the uneven bars, securing her third medal of the Games. The consistency of the Canadian gymnastics program has been a highlight of the competition, with athletes performing at their best when it matters most.

The swimming events have also provided memorable moments for Canadian fans, with several athletes advancing to finals and semifinals. Oliver Dawson of Grande Prairie, Alberta, was the top qualifier in the men’s 200-metre breaststroke, touching the wall in 2:10.05. Lorne Wigginton qualified for the final of the men’s 400-metre individual medley, finishing second in his heat. The Calgary native set the Canadian record earlier this month in Montreal, swimming to a time of 4:11.32 at Canadian swim trials. These performances demonstrate the depth of talent emerging in Canadian swimming, with athletes consistently improving their times and challenging for podium positions.

In athletics, Canadian competitors have been making their mark at Scotstoun Stadium. Ottawa’s Lauren Gale won her heat in the first round of the women’s 400-metre, advancing to the semifinals with a time of 51.59 seconds. Canadians Sienna MacDonald and Hannah Blair sit seventh and ninth, respectively, after the first two events of the women’s heptathlon. MacDonald won her 100-metre hurdles heat in 12.99 seconds, while Blair finished in a season’s best 13.93. In the men’s 800-metre, Abdullahi Hassan’s time of 1:47.30 was good enough to get him to the semifinals. These performances reflect the steady development of Canadian athletics, with athletes showing they can compete at the highest level of Commonwealth competition.

Sport

Canadian Athletes Shine at Glasgow 2026 Commonwealth Games

by cms@editor July 29, 2026

written by cms@editor

Canadian athletes have delivered an impressive performance at the Glasgow 2026 Commonwealth Games, with medal-winning displays across multiple disciplines capturing the attention of sports fans nationwide. The Games, which run from July 23 to August 2, have seen Team Canada consistently climb the medal standings through remarkable individual and team efforts. Gymnasts, swimmers, and track and field athletes have been at the forefront of Canada’s charge, demonstrating the depth of talent that exists within the country’s athletic programs. The federal government, through Sport Canada funding, has been supporting these athletes as they compete on the world stage, reinforcing the importance of investment in high-performance sport.

Gymnastics has emerged as a particular area of strength for Canada at these Games. Félix Dolci of Laval, Quebec, has been nothing short of spectacular, securing his third gold medal at the Commonwealth Games with a victory in the men’s vault final. Dolci turned the top qualifying score into gold, posting a winning average of 13.766. This title adds to his team gold and rings gold, making him one of the most decorated Canadian athletes at the Glasgow Games. Earlier in the competition, Dolci had already demonstrated his resilience by rallying from 17th place to win a silver medal in the men’s gymnastics all-around final, finishing with a score of 79.450. His performances have been characterized by consistency and the ability to deliver under pressure, traits that have made him a fan favourite throughout the competition.

The Canadian swim team has also produced memorable moments, with Toronto’s Josh Liendo capturing gold in the men’s 100-metre butterfly final. Liendo touched the wall in 50.42 seconds, breaking South Africa’s Chad le Clos’s Games record. The victory marks Liendo’s repeat as Commonwealth Games champion in the event, and his win represents the third medal won by Canadian swimmers at Glasgow 2026, and the first gold. Liendo’s achievement was particularly significant given the caliber of the competition, with Australian swimmers Matthew Temple and Ben Armbruster finishing just behind him to round out the podium. The Toronto native will be looking to add to his medal collection as he continues competing in other events throughout the Games.