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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Canadian Drivers Brace for Higher Pump Prices as Retailers Shift Rising Costs to Consumers



Rising Oil Prices Fuel Retailer Response

  • U.S. benchmark oil prices have climbed nearly 20% since recent military strikes in the Middle East.
  • Canada’s average gas price has already increased by more than 5.8%, according to Kalibrate data. 

DBRS Morningstar’s Warning

  • DBRS Morningstar reports that gas station owners are unlikely to absorb higher wholesale fuel costs.
  • Instead, they are expected to pass these increases on to consumers to maintain profitability.
  • The agency highlights that the conflict has disrupted energy infrastructure across the Middle East, tightening supply and raising global fuel prices. 

Impact on Canadian Consumers

  • Drivers across Canada should anticipate continued price hikes at the pump in the coming weeks.
  • Retailers in both Canada and the U.S. are facing similar pressures, suggesting a broader North American trend toward higher fuel costs. 


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