With some 60% of its population vaccinated against COVID-19, Canada tops a ranking of major countries fighting the pandemic, but that success is unlikely to fully shield its commodity-linked economy from the global spread of the Delta variant.
The bond market already is signaling the pace of Canada's economic growth could slow as coronavirus cases rise in the United States, its largest trading partner, and in some other major export markets.
"For Canada, as a small trading nation, we need to care about what's going on in other parts of the world," said Royce Mendes, senior economist at CIBC Capital Markets. "Not only for the ethical and human reasons but also because of the economic reasons." The price of oil has retreated 10% after notching a seven-year high near $77 a barrel in July, while the price of copper has eased from May's record peak.
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