Macro & Strategy - September 2026
September 2, 2026
Market and economic reviewsI’ll Sleep When I’m Dead
Canada’s economy isn’t done yet
« ’Til I’m six feet under
And they lay my bones to rest
Gonna live while I’m alive
I’ll sleep when I’m dead »
– Bon Jovi
As the trade relationship between Canada and the United States seemingly reaches a new low, with a treacherous path ahead, concerns about the Canadian economy are justified. But we don’t think it’s appropriate to write its obituary yet, as some will no doubt do.
August’s breakdown in trade talks surely deepens an already pessimistic mood. The narrative is familiar by now: technical recession, soft productivity, stretched household balance sheets, and the possibility of a future without the Canada- United States-Mexico Agreement (CUSMA). Add a silver medal in Olympic hockey and the mood becomes almost theatrical. At least the Montreal Canadiens gave the country a final four appearance to end the 2026 NHL season. To avoid stirring the pot too much, we’ll leave any commentary about the Maple Leafs to the reader’s discretion.
