"I want to avoid an election," said Jagmeet Singh, leader of the fourth-ranked New Democrats. "With the third (Covid) wave hitting hard," that would be "irresponsible," he said.
The price of oil, one of Canada's major exports, plunged as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness.
The Canadian branch of the International Association of Machinists and Aerospace Workers on Tuesday urged Freeland to consider partially or fully nationalizing Air Canada.
The prime minister is scheduled to speak to reporters later and announce the suspension of parliament until October, with a new federal budget to follow its return to work.
Morneau was also being investigated by Canada's ethics commissioner over his ties to a charity tasked to distribute pandemic relief to young Canadians.