{"id":4480,"date":"2026-06-26T00:16:00","date_gmt":"2026-06-26T00:16:00","guid":{"rendered":""},"modified":"2026-06-26T15:40:16","modified_gmt":"2026-06-26T15:40:16","slug":"forward-guidance-our-weekly-preview","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/forward-guidance\/forward-guidance-our-weekly-preview\/","title":{"rendered":"Canada\u2019s economy likely started Q2 on a stronger footing"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-b-0\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\"><strong>The week of June 29<sup>th<\/sup><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We expect real gross domestic product in Canada to show a 0.4% increase in April on Tuesday after stagnating for two straight quarters. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That would be consistent with Statistics Canada\u2019s preliminary estimate a month ago, although we expect it was led by a relatively narrow rebound in mining, oil and gas extraction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Early data is pointing to a significant increase in non-conventional oil extraction and oil drilling in April.&nbsp; Adding in a pickup in manufacturing GDP, goods-producing sectors overall likely expanded by 1%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Service sector GDP is expected to have gained 0.1% with weaker wholesales (-0.3%), and flat retail GDP offset by growth in other industries including real estate and rentals after Canadian home resales ticked higher (seasonally adjusted) in April for the first time since October 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Preliminary monthly GDP data has been highly revision-prone, but overall, data has been pointing to a firming in economic activity in Q2 with early May data also looking broadly better.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Labour market data in May <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-labour-market-data-bounced-back-in-may\/\" target=\"_blank\" data-dig-id=\"LP-ForwardGuidance-4480-8a9b0f6a\" data-dig-category=\"LP-ForwardGuidance\" data-dig-action=\"link click\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">firmed<\/a>, and the housing market continued to show signs of thawing with resales up 5.1% from April (the largest increase since October 2024).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">StatCan\u2019s advanced indicators also pointed to rising nominal retail and manufacturing sales in May, the former consistent with our card transactions tracker suggesting resilient, albeit slightly weaker spending growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And, global oil prices have moved lower in recent weeks. If sustained, those declines will help to restore some household purchasing power eroded by higher fuel costs, while also limiting risks of inflation spreading beyond energy prices.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-tNzMwBGZs\" class=\"everviz-tNzMwBGZs\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h4 id=\"h-boc-to-stay-on-hold-in-2026\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-f2d9d25b0ddde8c1af4e1734307c8727\"><strong>BoC to stay on hold in 2026<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The combination of signs of firming Q2 GDP growth, and easing inflation pressures should help to validate the Bank of Canada\u2019s call to not overreact to temporarily higher oil prices or mechanically softer economic data. With growth picking up in Q2 and core inflation remaining subdued, we continue to expect no change in interest rates from the central bank in 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">South of the border, the U.S. Federal Reserve tilted decidedly hawkish in their latest meeting\u2014first under new Chair Kevin Warsh. Half of the FOMC (excluding Warsh) expected at least one rate hike in 2026, prompted by concerns over sticky-to-accelerating core inflation readings while labour markets remain robust.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Thursday, we expect May\u2019s U.S. employment report to broadly reinforce that view with a 145,000 payrolls\u2019 gain, alongside a steadily low 4.3% unemployment rate.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a47d3e0d36e9&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a47d3e0d36e9\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"2371\" height=\"2751\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?quality=80\" alt=\"\" class=\"wp-image-12377\" style=\"width:818px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png 2371w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?resize=259,300 259w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?resize=768,891 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?resize=883,1024 883w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?resize=1324,1536 1324w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG-CalendarJUNE-26.png?resize=1765,2048 1765w\" sizes=\"auto, (max-width: 2371px) 100vw, 2371px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Nathan Janzen<\/strong><em>&nbsp;is an Assistant Chief Economist, leading the macroeconomic analysis group. His focus is on analysis and forecasting macroeconomic developments in Canada and the United States.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Claire Fan<\/strong><em>&nbsp;is a Senior Economist at RBC. She focuses on macroeconomic analysis and is responsible for projecting key indicators including GDP, employment and inflation for Canada and the US.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-explore-the-latest-from-rbc-economics\" class=\"wp-block-heading\">Explore the latest from RBC Economics:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/june-monthly-exec-briefing-us-consumer-bruised-by-persistent-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-ForwardGuidance-4480-8a9b0f6a\" data-dig-action=\"link click\" data-dig-category=\"LP-ForwardGuidance\" class=\"rbc-link-format\">June Monthly Exec Briefing: US consumer bruised by persistent inflation<\/a><br><a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/energy-drives-canadian-inflation-to-3-2-in-may-while-underlying-pressures-stay-contained\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-ForwardGuidance-4480-8a9b0f6a\" data-dig-label=\"Energy drives Canada\u2019s inflation to 3.2% as underlying pressures stay contained\" data-dig-action=\"link click\" data-dig-category=\"LP-ForwardGuidance\" class=\"rbc-link-format\">Energy drives Canada\u2019s inflation to 3.2% as underlying pressures stay contained<\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-may-jobs-report-broadening-gains-white-collar-weakness-and-a-leisure-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-ForwardGuidance-6392-89e81e36\" data-dig-label=\"US May Jobs Report: Broadening Gains, White-Collar Weakness, and a Leisure Distortion\n\" data-dig-action=\"link click\" data-dig-category=\"LP-ForwardGuidance\" class=\"rbc-link-format\"><br><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/the-10-minute-take\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-ForwardGuidance-4480-8a9b0f6a\" data-dig-action=\"link click\" data-dig-category=\"LP-ForwardGuidance\" class=\"rbc-link-format\">Podcast: The 10-Minute Take.<\/a> <a href=\"https:\/\/www.rbc.com\/en\/economics\/the-10-minute-take\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-ForwardGuidance-4480-8a9b0f6a\" data-dig-action=\"link click\" data-dig-category=\"LP-ForwardGuidance\" class=\"rbc-link-format\">New Fed Chair\u2019s first meeting: Inflation takes priority<br><\/a><\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color is-layout-flex wp-container-core-columns-is-layout-9ba6dbca wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 id=\"h-share-these-insights-with-your-network\" class=\"wp-block-heading mar-t-dbl mar-l-dbl\"><strong>Share these insights with your network:<\/strong><\/h4>\n\n\n\n<div class=\"wp-block-buttons mar-b-dbl mar-l-dbl is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbc.com\/economics-subscriber\/index.html\" data-dig-id=\"LP-ForwardGuidance-4480-2dc940a6\" data-dig-category=\"LP-ForwardGuidance\" data-dig-action=\"button click\" data-dig-label=\"Subscribe Here-https:\/\/www.rbc.com\/economics-subscriber\/index.html \">Subscribe Here<\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":4524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[101],"tags":[115,11,15,65],"rbc_econ_content_type":[],"class_list":["post-4480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forward-guidance","tag-canada","tag-economy","tag-energy","tag-inflation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canada\u2019s economy likely started Q2 on a stronger footing - RBC Economics<\/title>\n<meta name=\"robots\" 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