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5 Things to Know Today: Gas Prices Keep Falling, WestJet's Strike Drags On, and the Tariff Clock Is Ticking

  Monday, August 3, 2026 — Civic Holiday It's the Civic Holiday, so the TSX and the big banks are closed — but plenty is still moving that will hit your wallet this week. Here are five things worth knowing today. 1. Markets and banks are closed today — here's what that means for your money The TSX, TSX Venture, and Montreal Exchange are shut for the Civic Holiday and reopen Tuesday morning. Most major banks are closed too, which means e-transfers, bill payments, and cheque deposits made today may not clear until Tuesday. What it means for you: If you have a mortgage payment, credit card payment, or bill due today, submit it a day early where possible to avoid a processing delay counting against you. Any trades placed today will execute Tuesday when markets reopen. 2. Oil just crashed — and gas prices are following it down Brent crude fell roughly 6% to close to $84 a barrel after reports that a planned strike on Iran was called off, easing fears of a wider Middle East supply di...
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Are rate hikes over for Canada


The Canadian economy is expected to show a modest growth of 0.4% in the third quarter of 2023, according to the latest estimates from Statistics Canada. This is lower than the 0.6% expansion in the previous quarter, and well below the 2.1% growth rate that the Bank of Canada projected in July.

The weak GDP numbers have fueled the speculation that the country may be heading into a recession, as global trade tensions, lower oil prices, and household debt weigh on the economic outlook. 

However, not everyone is convinced that the situation is so dire. Some forecasters argue that the third quarter slowdown was mainly due to temporary factors, such as a strike at a major auto plant, a drop in agricultural output due to drought, and a slowdown in housing construction. They expect that the economy will rebound in the fourth quarter, as these factors dissipate and consumer spending picks up.

Moreover, some forecasters point out that the inflation rate remains within the central bank's target range of 1% to 3%, suggesting that there is no need for further monetary stimulus. They also note that the labour market remains strong, with the unemployment rate at a near-record low of 5.5%, and wage growth at a solid 3.2%.

Therefore, some forecasters believe that the Bank of Canada will maintain its wait-and-see approach, and keep interest rates unchanged until there are clear signs of either a sustained recovery or a prolonged downturn. They argue that the central bank has already done enough to support the economy, by cutting interest rates three times in 2022, and that any further easing could fuel financial imbalances and inflationary pressures.

In summary, the GDP numbers for the third quarter of 2023 are likely to spark more debate about the state of the Canadian economy and the direction of monetary policy. However, some forecasters are more optimistic than others, and think that the rate hikes are over for now, unless there is a significant change in the economic conditions.

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