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The Fed Decides Wednesday — Here's What It Means for Your Mortgage, the Loonie, and Your RRSP

  Monday, July 27, 2026 The U.S. Federal Reserve hands down its rate decision at 2 p.m. ET on July 29. For most Canadians it will feel like background noise. It isn't — here's the plain-language version of why it touches your mortgage, your cross-border spending, and whatever's sitting in your RRSP. The short version: Markets are pricing roughly a two-in-three chance the Fed holds its rate at 3.50%–3.75% on Wednesday. That's not the story. The story is that this is one of the least certain "sure thing" holds in years — and Chair Kevin Warsh's press conference at 2:30 p.m. ET could matter more than the decision itself. Why this meeting is different The Fed has held its benchmark rate steady at 3.50%–3.75% through every meeting so far in 2026. On paper, Wednesday should be more of the same. Under the hood, it's messier. Persistent inflation, running well above the Fed's 2% target for a fifth straight year, has kept a rate hike on the table. The oil-...
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5 Things to Know Today: Gordie Howe Bridge Opens, Gas Prices Drop, and the Fed Decision That Could Move Your Loonie

 


Monday, July 27, 2026


From a long-delayed border crossing finally opening to a Fed decision that could nudge the loonie, here's what's moving Canadian wallets today.

1. The Gordie Howe Bridge Opens Today — But You Can't Drive on It Until August 1

The long-delayed Gordie Howe International Bridge between Windsor and Detroit holds its official opening today, July 27, more than six weeks after its original June target. The catch: today's ceremony doesn't mean traffic yet. Vehicles won't be allowed on the six-lane, cable-stayed span until August 1. Once open, the toll is set at $8 CAD (US$5.75) each way for most passenger vehicles.

What it means for you: If you cross the Windsor-Detroit corridor for work, shopping, or family, mark August 1 on your calendar, not today, and budget roughly $8 a crossing on top of gas.

2. Gas Prices Are Easing After the Weekend Oil Crash

Oil prices tumbled over the weekend after the US and Iran paused hostilities, with both Brent and WTI crude dropping sharply from last week's highs. That relief is starting to filter down to the pump after weeks of Canadians paying more to fill up amid the Middle East conflict.

What it means for you: Consider filling up this week while prices are trending down. Given how fast oil has swung both ways this month, don't assume the relief will last.

3. This Week's US Fed Decision Could Move Your Loonie

The US Federal Reserve wraps its two-day meeting Wednesday, July 29, with its interest rate decision. The Canadian dollar has been trading near a 14-month low against the greenback, so how the Fed frames its next move matters on this side of the border too.

What it means for you: Planning US travel, cross-border shopping, or holding US-dollar positions in your RRSP or TFSA? Wednesday's announcement is worth watching before you convert cash or book a trip.

4. About a Third of Mortgage Holders Face Higher Payments This Year

New forecasting from mortgage lender nesto estimates roughly 33% of Canadian mortgage holders will see higher monthly payments by the end of 2026 as pandemic-era rates roll off. Most of that group holds 5-year fixed mortgages coming up for renewal, and their payments are expected to rise by an average of about 20%.

What it means for you: If your mortgage is up for renewal in the next 6–12 months, start shopping rates now. A rate hold typically lasts 90 to 120 days and can protect you from further increases while you decide.

5. Heading Back to School? Time to Request Your RESP Withdrawal

With the fall semester weeks away, families with a Registered Education Savings Plan should start the withdrawal process now. Withdrawals during a student's first 13 weeks of enrollment are subject to a federal cap, and processing can take several business days. For 2026, you can withdraw up to $29,459 in Educational Assistance Payments without needing receipts — just proof of enrollment.

What it means for you: Contact your RESP provider this week rather than in September. You'll need an enrollment letter from the school, not receipts, to get the money moving.

This article is for informational purposes only and does not constitute financial advice. Rates and figures reflect publicly available data as of July 27, 2026, and may change.

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