For instance, despite strong auto sales and a blockbuster labour market report from Statistics Canada on Thursday, wholesale trade has dipped, and housing starts were flat across Canada in February.
There are also worries about consumer spending and sky-high household debt levels – reiterated by Bank of Canada governor Mark Carney.
Other reasons for caution include the still-simmering sovereign debt crisis in Europe and continuing worries over the U.S. recovery, the latter brought into focus on Friday by a disappointing jobs report.
It will take months before Statistics Canada releases its official report on the country’s gross domestic product for the first quarter.
But so far, the signs suggest the Canadian economy is at a crossroads, said Jennifer Lee, senior economist at the Bank of Montreal.