Canada in March 2026: the most important developments in economy
In Canada in March 2026, the most prominent economic story was a long-term uranium supply deal with India, signed on 2 March during a ministerial visit to India. Cameco is to supply fuel to Indian nuclear power plants, with the deal's value reported between $1.9 billion and $2.6 billion. Canada and India also said they aim to conclude a broader trade agreement by the end of the year. Pakistan expressed concern over a civil nuclear cooperation agreement between the two countries, which New Delhi describes as a 'country-specific exception'.
Relations with the United States and Mexico occupied much of the month. Ottawa agreed to resume stalled negotiations with Washington, and talks to review the USMCA trade agreement began on 16 March, focused on automotive rules of origin. Canada and Mexico said preserving the trilateral deal was a priority and planned bilateral talks in May, after U.S. threats to withdraw. The United States began a forced-labour investigation covering imports from 60 countries, including Canada. Conservative leader Pierre Poilievre proposed a U.S.-focused automotive strategy as an alternative to the plan of Prime Minister Mark Carney's government.
The oil price shock linked to the conflict in Iran shaped energy and monetary news. Oil approached $120 a barrel before falling to about $90 by 9 March. The Bank of Canada held its benchmark rate at 2.25% on 18 March, and Canada lost 84,000 jobs in February, lifting unemployment to 6.7%. Alberta courted Asian investors for a proposed pipeline of 1 million barrels a day, LNG Canada raised exports to Asia, and Canadian Natural Resources paused an $8.25 billion oil sands expansion. Ottawa launched a $1.5 billion fund for critical mineral projects.
An Air Canada plane collided with a fire truck while landing at New York's LaGuardia Airport on 23 March, killing two pilots. Air Canada's chief executive, Michael Rousseau, announced on 30 March that he will retire this year after criticism of a condolence message given only in English.
by WorldBrief & Maksim Micheliov | AI-generated summary
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