07:25 AM EDT, 08/12/2024 (MT Newswires) -- The first half of this week is very quiet in Canada for macroeconomic data, with only June building permits out at 8:30 a.m. ET on Monday, noted Bank of Montreal (BMO).

Otherwise, don't be surprised to see a tumbleweed blowing across the data docket, said the bank. The highlight will be July's housing figures on Thursday. The regional reports suggested minimal impact from the Bank of Canada's (BoC) rate cuts so far.

BMO is expecting national sales to be flat-to-higher from June, leaving them 3% above year-ago levels. At the same time, rising inventories continue to put downward pressure on prices. Housing activity is poised to firm in the coming months alongside additional rate relief.

Still, challenging affordability and rising new home completions will help avoid a "significant" price rally, stated BMO.

The bank will also be keeping an eye on wholesale trade and manufacturing sales on Thursday and Friday, respectively. The June flash estimates were both negative, and any surprises in the actuals could tilt the risks (in either direction) to Statistic Canada's preliminary estimate for a 0.1% m/m expansion in June GDP.

BMO pointed out that late Friday, the United States Federal Reserve released its 2025 meeting calendar, and there might have been a few instances of deja vu in Canada The BoC and Fed will make a monetary policy announcement on the same day in January (29), July (30), September (17), October (29), and December (10).

Of course, the BoC will still be able to say it's ahead of the game, given its announcements are at 9:45 a.m. ET versus the Fed's 2 p.m. ET, added BMO. Still, Governor Tiff Macklem will need to brace for even more questions about uncertainty and divergence with his US counterpart before the latter takes the stage roughly three hours later.

The Canadian dollar (CAD or loonie) strengthened to just over $1.37 to close last week, near where it's hovering early Monday, according to the bank.