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5 Things to Know Today: BoC Holds, the Loonie Slides, and Gas Prices Climb

  Thursday, July 16, 2026 Here's what's moving markets and your wallet today — from the Bank of Canada's latest rate call to a fresh jump at the pumps. 1. The Bank of Canada held its key rate at 2.25% The Bank of Canada kept its overnight rate unchanged at 2.25% this week, and its accompanying Monetary Policy Report flagged that inflation is still running hot enough to keep policymakers cautious. The Bank now expects overall growth of just 0.7% for 2026, picking up to 1.8% in 2027 and 2028 as exports recover and businesses adjust to the new trade landscape with the U.S. Inflation is projected to ease toward 2.5% in the second half of the year and return to the Bank's 2% target by early 2027 — assuming oil prices keep cooling as expected. What it means for you: Variable-rate mortgage holders and HELOC borrowers get another few months of payment stability, but don't expect a cut soon — the Bank wants to see inflation actually fall before it moves again. If you're...
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Federal Immigration Department Announces Major Job Cuts


Two federal public service unions have revealed that the Immigration Department is set to cut over 3,300 jobs over the next three years. The Public Service Alliance of Canada (PSAC) and the Canada Employment and Immigration Union issued a joint statement expressing concern over the lack of information regarding who will be affected by the cuts.

The unions emphasized that the department's staff are essential for processing citizenship and permanent residency applications, issuing passports, and conducting interviews. They urged the government to reduce outside contracting instead of downsizing staff.

The job cuts are part of the government's broader effort to refocus federal spending, which has been ongoing since 2023. The unions are calling for transparency and a reconsideration of the cuts, highlighting the potential impact on the department's ability to fulfill its duties.

Affected employees are expected to be notified in mid-February, with letters being sent out to those impacted. The unions continue to advocate for their members and push for alternative solutions to achieve budgetary goals.



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