Bank of Canada Governor Tiff Macklem said the bank expects to raise its inflation forecast at its upcoming rate announcement, as the Middle East conflict shows no sign of ending and global oil prices remain high. Brent is trading near US$110 and West Texas Intermediate at US$101, well above the roughly US$75 Brent level the bank had expected for the third quarter. Macklem said that if oil stays around $100, inflation would gradually drift up from the current 3 per cent. Statistics Canada will release September inflation data and the bank's quarterly business and consumer surveys on Monday, ahead of the Oct. 28 rate decision, with the benchmark rate held at 2.25 per cent for several consecutive decisions. Markets priced roughly a 35 per cent chance of a hike on Oct. 28 and 95 per cent for the next decision.
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Canadainflationoil pricesinterest rates
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USD/CAD
▼ Likely negativeRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/16/2026 | 1.41389 |
| Change that session | -0.32% |
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