Canadian Average Weekly Earnings (Jul YY) 3.2% (Prev. 3.4%)

The channel is the spread: softer wage data typically narrows the Canada-US rate differential, with knock-ons in the loonie and the front of the Canadian curve, while the longer end takes its cue from broader inflation expectations. The distinction worth drawing is between this series and the wage tracker embedded in the employment report; the two often diverge month to month, and the central bank has historically leaned on the broader basket of wage measures rather than any single print. One observation is not a trend, and the usual sequence is confirmation or reversal in the next CPI and labour force releases before policy expectations move decisively. The tags attached to this wire reference French retail names and appear to be a routing artifact rather than a signal about content.