-- There are no Canadian economic data releases scheduled for Monday, said Bank of Mongtreal (BMO).
Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers appear before the House of Commons Standing Committee on Finance at 3:30 p.m. ET on Monday, noted BMO.
On Monday at 9:30 a.m. ET, Melanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, and Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario, will announce additional support to protect and strengthen the sectors most affected by United States tariffs, pointed out the bank.
Canada's labor market remains "soft," and Friday's Labour Force Survey (LFS) is unlikely to provide respite as BMO expects employment to remain steady. The bank's call is for the jobless rate to stay steady at 6.7% for the third straight month, given weak employment against a backdrop of a stagnant labor force.
Ultimately, the hiring environment is unlikely to improve "meaningfully," especially in tariff-hit sectors, until a deal is reached in the CUSMA trade deal negotiations, added BMO.
Canada's merchandise trade balance for March is due out on Tuesday.
The US dollar (USD) is a bit firmer (BBDXY +0.07%) with the Canadian dollar (CAD or loonie) softer (CAD per USD +0.10%) early Monday, according to the bank.