5 Things to Know Today: BoC Minutes, U.S. CPI and Cheaper Gas (Nov. 8, 2026)

 

Canadian Money Brief • Sunday, November 8, 2026

Markets are closed until Monday, but the week ahead is loaded: two Bank of Canada releases, a key U.S. inflation report and some welcome relief at the pump. Here are five things to know today, and what each means for your wallet.

1. Two Bank of Canada releases land early this week

The Bank of Canada publishes its Q3 Market Participants Survey Monday at 10:30 a.m. ET, then the summary of deliberations behind its Oct. 28 rate decision Tuesday at 1:30 p.m. ET. The Bank raised its policy rate 25 basis points to 2.50% that day, its first hike since July 2023, and signalled more tightening was possible if energy costs spill into broader prices. The minutes were written before the post-midterm oil drop, so watch how hawkish the tone is.

What it means for you: If you have a variable-rate mortgage or a HELOC, the minutes help show whether another hike is on the table at the next decision on Dec. 9. A hawkish read keeps pressure on borrowing costs; a softer one is a small relief.

2. U.S. inflation data Tuesday could move your mortgage rate

The U.S. October CPI is due Tuesday at 8:30 a.m. ET. September’s headline reading was 3.7% (core 2.6%), and the Street is looking for a 0.3% monthly gain. Canada’s own October CPI follows on Monday, Nov. 16.

What it means for you: A hotter-than-expected U.S. print tends to push bond yields up, and fixed mortgage rates follow yields, not the overnight rate. If you’re shopping a fixed rate or renewing soon, watch Tuesday’s reaction before you lock in.

3. Oil’s big weekly drop is reaching the pump

Crude suffered one of its steepest weekly declines since 2020 after the U.S. midterms raised hopes of de-escalation in the Middle East, with WTI slipping below US$91 on Friday. In the GTA, gas fell 11 cents a litre Wednesday and was forecast to drop another 9 cents Friday to 159.9 cents, the first time under $1.60 since early August, according to gas analyst Dan McTeague. He expects the pressure to stay off for now and sees a chance of prices under $1.50 later this month.

What it means for you: That is a forecast, not a promise, because oil can rebound quickly on any Middle East headline. Fill up when your local price dips, and don’t count on the savings lasting.

4. TSX heads into the week after an AI-driven wobble

The S&P/TSX Composite closed Friday at 35,789.09, up 183.82 points (0.52%), recovering part of Thursday’s AI-led selloff. Investors are now asking what Democratic control of Congress means for U.S. data-centre buildouts and the chip and power companies tied to them. The loonie ended near 70.86 U.S. cents, and December gold was around US$4,075 an ounce.

What it means for you: Check how much of your TFSA or RRSP is riding on a few AI-linked names or one tech-heavy ETF. A quick look at your top holdings is better than reacting after a bad day.

5. Remembrance Day on Wednesday: stocks open, bonds closed

Wednesday, Nov. 11 is Remembrance Day in Canada and Veterans Day in the U.S. Both countries’ stock markets stay open, while bond markets are closed, according to the Globe and Mail’s weekly calendar.

What it means for you: Rate-sensitive trading can be thinner than usual that day. Hours for branches, government offices and municipal services vary, so check before you head out.

On the radar
Mon Nov. 9: BoC Market Participants Survey (10:30 a.m. ET) • Tue Nov. 10: U.S. CPI (8:30 a.m. ET), BoC summary of deliberations (1:30 p.m. ET) • Wed Nov. 11: Remembrance Day • Mon Nov. 16: Canada CPI • Fri Dec. 4: jobs report • Wed Dec. 9: BoC decision

Sources: The Canadian Press, Bank of Canada, U.S. Bureau of Labor Statistics, CP24/CTV News, The Globe and Mail, Reuters. Figures as of Sunday, Nov. 8, 2026. For general information only; this is not financial advice.