At the time of its July 11, 2018 overnight rate hike to 1.5% it almost seemed The Bank of Canada was giving itself a tool in order to decrease rates in the future as NAFTA uncertainty was ongoing, oil was rising. Now we have unattractive jobs numbers, a 5.8% unemployment rate that reporters and economists would like us to jump and down for (meanwhile in the big bad USA...~4.0%) and a Saudi political spat probably resulting in oil supply impacts to the refineries in Eastern Canada if it lasts beyond three months.
Not only is Trudeau silent on the whole affair, but no support from USA or UK proving how childish and needless this human rights hounding of a contry that will likely not change. With no economic benefits to score, only possible poll results to gain, Canadians now face the brunt of needlessly poking a holder of Canadian equities (130 points drop on the TSX the Monday after it was announced) that has claimed to be selling everything Canadian and likely will cut off oil supplies (yes Canada - oil from Saudi Arabia and such countries comes to Canada and flows down the St. Lawrence!).
"...Across the provinces, Ontario gained 60,600 jobs — all in part-time work — and the unemployment rate dropped 0.5 percentage points to 5.4 per cent for its lowest reading since July 2000..."
https://business.financialpost.com/news/economy/newsalert-canada-adds-54100-jobs-in-july-unemployment-rate-falls-to-5-8-2
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