07:42 AM EST, 11/04/2025 (MT Newswires) -- There is no data in the United States on Tuesday as the government shutdown continues and this is also delaying Canada's merchandise trade data, which would have been out on Tuesday, said Bank of Montreal (BMO).

Statistics Canada announced that it won't be able to release Tuesday's numbers because it doesn't have key U.S. import data. StatsCan also warned that other indicators, such as Canada's quarterly gross domestic product, will rely on "special estimates" rather than actual figures, and as such could be faced with larger revisions down the road.

It's Budget Day in Canada as well as the first for Prime Minister Mark Carney, pointed out the bank.

BMO noted that: "The fiscal picture is cloudy given that the costed Liberal platform has been rendered mostly obsolete by the evolving economic outlook and shifting policy priorities. The Parliamentary Budget Officer's (PBO) September outlook incorporates policy measures announced through mid-August as well as the increase in defence spending to 2% of GDP for FY25/26. That raises the baseline federal deficit to $68.5 billion (2.2% of GDP) for FY25/26 and $64.2 billion for FY26/27, versus an average of less than $40 billion in the 2024 Fall Economic Statement (i.e., the last official budget document from Ottawa).

Moreover, additional election promises and cost-saving measures not yet announced through mid-August (and on Sep. 5) could further shift the fiscal outlook. Ottawa has flexibility here as to which priorities they want to roll out, and when, as well as how aggressive/early cost savings will be pushed. Based on the platform estimates, however, the federal deficit could push into the mid-$70 billion range this fiscal year, and persist near $70 billion in FY26/27."