Opening Track
The week in review
This week, Fed Chair Kevin Warsh fails his communication test while Microsoft and Amazon rekindle the market's enthusiasm
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Top of the Charts
Chart of the week | Confidence is holding up in Canada
Canadian business confidence is improving, despite the noise coming from Washington.
In July, the CFIB’s 12-month confidence index reached 58.3, bringing it back close to its average of recent years. Even manufacturing, one of the sectors most exposed to trade tensions, improved to 53.7.
Why does this matter? Because business confidence is likely THE macro variable to watch in 2026.
If business leaders keep moving forward, this could support investment, expansion plans and hiring, helping the Canadian economy regain some speed over the coming quarters.
The next test will be important: these data were collected before last week’s new U.S. tariff announcements linked to Section 338.
But for now, the message is clear: even in a highly uncertain environment, Canadian businesses seem to be finding ways to stay the course.
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