☕ Read in 3 minutes — April 2026
April kept pressure on Canadian markets. Higher oil prices, shifting U.S. trade policy, and the Spring Economic Update all reinforced the same theme: institutions are no longer just reacting to uncertainty; they’re starting to adapt around it.
Market Moves
The Bank of Canada held its policy rate at 2.25% on April 29, continuing the pause it has maintained since October. The accompanying language from the Bank of Canada drew attention, with its governor, Tiff Macklem, describing Canada as being “buffeted by global events,” with the Iran conflict contributing to higher energy-driven inflation while trade tensions weigh on growth. CPI reached 2.4% in March and is expected to approach 3% for April. The next rate decision from the Bank of Canada is scheduled for June 10.
Gas relief for consumers came mid-month. On April 14, the federal government announced a temporary suspension of the fuel excise tax, effective April 20 through September 7, which removes 10 cents per litre from the price of regular gasoline and 4 cents per litre from diesel. The suspension comes alongside the government's earlier removal of the carbon tax, as fuel prices climb as a result of the ongoing supply disruptions through the Strait of Hormuz.
Canada’s energy position remains a balancing act. Higher oil prices lift national income, but they also mean more expensive fuel for consumers. Around the same time, Trump issued several cross-border pipeline permits, including permits for Enbridge-related existing facilities and a Bakken Pipeline authorization involving facilities at the North Dakota–Canada border. Ottawa described the permits as pertaining to previously announced private-sector infrastructure rather than new government-to-government arrangements.
Financial markets reacted sharply at the outset of the Iran conflict, but major equity markets recovered their war-related losses by mid-April. The Canadian dollar stayed relatively steady, even as the U.S. dollar strengthened elsewhere. Bond yields have edged higher since January.
[Canada | Regulation] Ottawa is considering a ban on crypto ATMs. The proposal appeared on April 28 in the Spring Economic Update, targeting fraud and scam activity linked to Bitcoin kiosks. Canada currently has roughly 4,000 crypto ATMs, the highest per capita globally. The proposal is not yet law. The update says Canadians would still be able to buy virtual currencies from brick-and-mortar money services businesses, but crypto ATMs would be banned.
[Canada | Politics] Bill C-25 is moving forward. It passed second reading on April 24 and is now in committee. The bill would ban crypto donations in federal politics, with additional votes still required before it can become law.
[Global | Macro] The BIS commented on stablecoins. In April, its general manager stated that stablecoins function more like ETFs than money, citing redemption friction and price deviations. He also raised concerns about regulatory fragmentation across jurisdictions.
[Global | Policy] The CLARITY Act remains alive but delayed. The Senate Banking Committee did not complete its expected April markup, but lawmakers are still targeting movement in mid-May. The bill would create a clearer U.S. framework for digital asset market structure, including how responsibilities are divided between securities and commodities regulators. For Canadian firms and users, the outcome matters because U.S. rules can influence liquidity, listings, custody standards, and cross-border compliance.
[Canada | Security] Operation Atlantic disrupted over $45 million USD in crypto fraud. The effort was announced on April 9 and involved the OSC, Ontario Provincial Police, RCMP, U.S. Secret Service, and the UK’s National Crime Agency. It focused on approval phishing scams, where victims are tricked into granting access to their crypto wallets. More than 20,000 wallet addresses were identified across 30 countries, with $12 million USD in stolen funds frozen so far.
Whether you are new to crypto or have been in the space for years, Newton’s blog offers resources for everyone. Our learning content is designed to be beginner-friendly without skipping the deeper ideas, because we believe the future of finance should be understood. In next month’s BYTE, we will continue tracking how crypto, markets, and policy are taking shape.
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