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TSX Rebounds as Oil Climbs and Canada’s Jobs Data Lands

  Friday, May 8, 2026  ·  Canadian Money Brief  ·  moneysavings.ca TSX Opens Higher After Thursday Dip Canadian stocks are staging a recovery Friday morning, with the S&P/TSX Composite climbing back after a rough Thursday. The index shed 0.4% to close at 33,857 as investors locked in recent gains ahead of U.S. and Canadian jobs data due Friday — with energy shares dragging it lower as oil pulled back. As of Friday morning, the TSX had recovered to around 33,932, up roughly 1.1% , following positive cues from Wall Street futures. Oil Back in Focus: Geopolitics Drive WTI Toward $96 WTI crude futures climbed toward $96 per barrel on Friday , recouping some of the week’s losses as fresh clashes between the U.S. and Iran threatened to derail diplomatic efforts to end the conflict. U.S. Central Command confirmed American forces intercepted Iranian attacks and carried out defensive strikes, while guided missile destroyers passed through the Strait of Ho...
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Trump Announces Tariffs on Canada and Mexico, Decision on Oil Pending

 

President Donald Trump has announced that the United States will impose 25% tariffs on imports from Canada and Mexico starting this Saturday. This decision has already caused significant fluctuations in the foreign exchange markets, with both the Canadian dollar and the Mexican peso experiencing notable declines.

Trump's decision to impose these tariffs is driven by multiple factors, including the influx of migrants at the southern border, the flow of fentanyl into the United States, and the trade deficit with these neighboring countries. The President has also indicated that he is still considering whether to include oil imports from Canada and Mexico in these tariffs, with a decision expected soon.

The potential inclusion of oil in the tariffs has raised concerns about the impact on energy prices and the broader economy. The United States imports significant quantities of oil from both Canada and Mexico, and tariffs could lead to higher gasoline prices for American consumers. Despite these concerns, Trump has expressed confidence that the U.S. can meet its own energy needs without relying on imports.

The announcement has prompted reactions from various stakeholders, with some experts warning that the tariffs could lead to increased prices for American consumers and potential economic repercussions for Canada and Mexico. The situation remains fluid, with further developments expected in the coming days.



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