Canadian Average Weekly Earnings (Jun YY) 3.4% (Prev. 3.4%)

An unchanged annual wage print of this kind lands as a non-event for Canadian rates pricing; the release matters to the Bank of Canada mainly as a cross-check on whether services inflation persistence has a labour-cost engine behind it, and a steady reading leaves that question where it was. Wage growth running at a pace above what productivity and the inflation target comfortably accommodate has historically been the kind of thing Governing Council flags in its communications as a reason for caution on easing, so the tell is whether the flat print gets cited at the next decision or is quietly dropped from the narrative. The distinction worth drawing is between levels and trend: a stable year-on-year rate can mask a decelerating three-month run-rate, which is the measure that has tended to matter more when central banks assess underlying momentum. Follow-ons are the broader labour report components, hours worked and the unemployment rate, since earnings and slack together do more to shape the policy read than either alone. Note the tags on this item reference French retail names and are not consistent with the subject line; the release is a Canadian macro statistic with no obvious read-across to those tickers.