Friday, August 7, 2026
Here's what's moving markets and your money today.
1. Today's Jobs Report Is the Big One
Statistics Canada releases the July Labour Force Survey this morning. Economists polled by Reuters expect a gain of roughly 15,000 jobs, following June's increase of 18,200, with the unemployment rate holding steady at 6.5%. RBC Economics is forecasting a smaller gain of about 5,000 jobs, also with the jobless rate flat at 6.5%. The rate has come down from a peak of 6.9% in April.
What it means for you: This is the last major jobs reading before the Bank of Canada's September 2 rate decision. A soft number keeps a rate hold (or even a cut) on the table, which matters if you're renewing a variable-rate mortgage or carrying a line of credit. A stronger-than-expected number could nudge bond yields — and fixed mortgage rates — higher.
2. The TSX Is Sitting Near Record Highs
The Toronto Stock Exchange closed at a record 36,146.42 on Wednesday, up 344.82 points, after Shopify's earnings sent the stock surging more than 20% and Thomson Reuters posted 9% revenue growth. Thursday's close (36,136.31) was essentially flat, holding near that record level.
What it means for you: If your RRSP or TFSA is invested in a TSX index fund, you're sitting on gains, but records like this are also a natural moment to check you're not overexposed to any single sector (tech and financials carry a lot of weight on the TSX right now). Rebalancing, not chasing, is usually the better move after a run-up.
3. Gold Is Flirting With Fresh Highs
Gold has climbed to roughly US$4,300 an ounce (around C$6,000), near a seven-week high, as investors look ahead to today's jobs data and weigh the ongoing Middle East conflict and trade tensions.
What it means for you: If you hold a gold ETF or mining stocks in your TFSA or RRSP, you've likely seen a nice bump this year. If you're thinking about buying physical gold now, remember premiums and price swings can eat into the "safe haven" appeal — it's a hedge, not a guaranteed return.
4. The Tariff Deadline Is Now 12 Days Away
The U.S. is set to impose an additional 50% tariff on about $20 billion of Canadian goods — including wine, dairy, furniture, and hockey gear — at 12:01 a.m. on August 19 unless a deal is reached. Trade Minister Dominic LeBlanc is back in Washington this week for another round of talks, and Prime Minister Mark Carney says Canada's tone is "quite firm," while adding "we have time." One option reportedly on the table is Canada offering steel and aluminum export quotas to bring down existing U.S. tariffs on those sectors.
What it means for you: If you're planning a renovation, buying furniture, or stocking up on wine, doing it before August 19 could save you money if talks fall through. If no deal is reached, expect price increases to show up gradually at retail over the following weeks, not overnight.
5. Gas Prices Could Tick Back Up
Oil has been firming, with WTI crude near US$77.60 a barrel, as talks over reopening the Strait of Hormuz have stalled. That's a reversal from earlier this week, when prices had crashed on hopes of a deal.
What it means for you: Don't bank on the recent relief at the pump lasting. If you're due for a fill-up and prices are still on the low side in your area, today may be a better day than next week.
This post is part of the Canadian Money Brief series on MoneySavings.ca, where we break down the day's financial news and what it actually means for your wallet.
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