Analysts at TD Securities note the Bank of Canada's (BoC) Business Outlook Survey (BOS) will be watched for any signs of near-term malaise following the recent deterioration in economic data surprises and small business sentiment, which currently sits at the second lowest level since 2016.

• "Despite recent softness in economic data, consensus GDP expectations have been revised higher in five of the last six months, which should lend support to expectations for sales growth.
• Elsewhere, the pickup in Q3 investment should translate into some relief capacity-related indicators and the recent moderation in employment data suggests an easing of labour shortages from the previous survey. Overall, this may result in a modest pullback for the aggregate BOS indicator, but we do not expect a retest of the Q1 lows."