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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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A Long-Awaited Revolution: Open Banking Comes to Canada


Change is on the horizon for Canadian banking, and it’s a shift that promises to empower consumers and businesses alike. The buzzword? Open banking. Let’s dive into what this means and why it matters.

What Is Open Banking?

Open banking is a system that gives individuals and businesses greater control over their financial data. It allows them to share this data with other firms, opening up new possibilities for managing money, making payments, and accessing credit.

How Does It Work?

  1. Data Sharing: Consumers can choose to share their banking data with third-party apps and services. For example, budgeting apps can aggregate information from various bank accounts and credit cards, providing a comprehensive view of finances.

  2. Credit Assessments: Lenders can directly access an individual’s banking data, going beyond traditional credit scores. This means fairer assessments and greater financial inclusion.

  3. Democratizing Data: Open banking aims to create a more inclusive and transparent financial system. It’s about empowering people with their own data.

Why Is It Important?

  • Competition: Open banking fosters competition by allowing new players to enter the financial services market. This can lead to better products and services for consumers.

  • Payments Innovation: Simplified payments, automated accounting, and streamlined business finance management become possible.

  • Credit Building: Individuals can use open banking to build credit by showcasing reliable payment history beyond traditional credit scores.

Challenges Ahead

While the potential is immense, gaining trust in Canada won’t be easy. Convincing Canadians to embrace this new system and trust new competitors will be an uphill battle. But it’s a battle worth fighting for a fairer, more inclusive financial landscape.

So keep an eye out for open banking—it’s a quiet revolution that could reshape how we manage our money.


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