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Macro Score 30 Bullish

Bank of Canada Rate Decision Looms as Bay Street Eyes Positive Open

Apr 22, 2026 12:59 UTC
TSX
Immediate term

Canadian equities are positioned for a positive start Wednesday as investors await a widely anticipated interest rate cut from the Bank of Canada. Global cues and firm commodity prices are providing support following a decline in the previous session.

  • Bank of Canada expected to implement a 25bps rate cut at 10 AM ET
  • S&P/TSX Composite seeking recovery after closing at 21,978.18
  • Canadian labor productivity and manufacturing data due Wednesday morning
  • WTI Crude trading higher at $73.54 per barrel
  • Gold futures rising to $2,353.90 per ounce
  • Market focus shifting toward ECB policy and US employment data

The S&P/TSX Composite Index is expected to open higher on Wednesday, attempting to recover from Tuesday's loss of 138.51 points, or 0.63%, which left the benchmark at 21,978.18. Positive global cues and strength in the commodities complex are providing a supportive backdrop for the morning session. Market attention is centered on the Bank of Canada's interest rate announcement scheduled for 10:00 AM ET. Analysts expect a 25-basis-point reduction in borrowing costs, though the accompanying policy statement regarding the economic outlook and future stance will be the primary driver of market volatility. Beyond the central bank, Canada will release labor productivity data at 8:30 AM ET, followed by manufacturing and services sector activity reports at 9:30 AM ET. These figures will provide critical context on domestic economic health immediately preceding the rate decision. On the global stage, European markets are trending upward ahead of Thursday's European Central Bank meeting, where a 25-basis-point ease is also expected. Meanwhile, Asian markets ended mixed, with Japanese equities pressured by wage data that increased expectations for a Bank of Japan rate hike. Commodity markets are providing a tailwind for the Canadian open. West Texas Intermediate Crude futures rose 0.4% to $73.54 per barrel, while Gold futures gained 0.28% to reach $2,353.90 an ounce and Silver rose to $29.735.

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