5 Things to Know Today: July 8, 2026

 

Wednesday July 8, 2026 

Your quick morning rundown of the Canadian money and markets news that matters — CUSMA's new review clock, the countdown to next week's Bank of Canada decision, a green morning on the TSX, and more.

The big picture: Markets are grinding higher on firmer oil prices, CUSMA has shifted into an annual review process instead of a full renewal, and all eyes are turning to the Bank of Canada's July 15 rate announcement.

1. TSX opens higher as oil prices climb

Canadian markets are starting the day in the green. The S&P/TSX Composite is up roughly 0.2% to around 35,270, with financials and energy stocks leading gains. Energy names are getting an extra lift after crude oil jumped about 2.7% to just over US$72 a barrel, while the loonie is holding steady near 70.5 cents U.S.

2. CUSMA moves to annual review instead of full renewal

The July 1 deadline for Canada, the U.S. and Mexico to agree on a 16-year extension of the Canada-U.S.-Mexico Agreement came and went without a renewal. Instead, the trade pact now enters an annual review process for the next decade. Canada's Trade Minister says talks will continue, with a focus on rolling back sectoral tariffs on steel, aluminum, autos and lumber. For now, the existing agreement stays in place, but any of the three countries can still exit with six months' notice — so trade uncertainty isn't going away for Canadian exporters or the businesses that rely on them.

3. Bank of Canada decision one week away

The Bank of Canada's next rate announcement lands July 15, and bond markets are pricing in a strong likelihood of another hold at 2.25%. Economists point to a familiar standoff: growth is soft enough to rule out a hike, but inflation — running near 2.8%, partly due to elevated oil prices — is sticky enough to rule out a cut. If you're renewing a mortgage or carrying variable-rate debt this summer, don't expect fireworks, but keep an eye on next week's announcement and the accompanying Monetary Policy Report for clues on the fall.

4. New momentum on West Coast pipeline and energy corridor plans

A new oil pipeline to the B.C. coast is advancing as a public-private partnership pitched to the federal major projects office, though funding currently leans heavily on the public side. Separately, Ontario, Alberta and Saskatchewan are studying a shared energy corridor — covering grid upgrades, trade infrastructure and nuclear cooperation — under a memorandum of understanding, with a feasibility study due by the end of 2026. Together, the moves signal provinces are trying to reduce reliance on U.S. trade routes and diversify how Canadian energy gets to market.

5. FIFA World Cup crowds are a mixed bag for local businesses

With the FIFA World Cup drawing large crowds to host cities like Toronto and Vancouver, local business owners are reporting a mixed picture — some hospitality and retail spots near venues are seeing a real revenue bump, while others say the disruption from road closures and crowd management has offset the extra foot traffic. It's a reminder that big global events don't automatically translate into a windfall for every small business in the surrounding area.

Bottom line: Markets are calm and modestly positive today, but two bigger storylines — the CUSMA review process and next week's Bank of Canada decision — will shape the backdrop for Canadian borrowing costs and trade-exposed sectors well into the fall.

This article is for general informational purposes only and does not constitute financial advice. Always consult a qualified professional before making financial decisions.