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Markets Digest Iran Peace Progress and Fed Rate-Hike Risk — June 22, 2026

  Markets are easing into a cautious start this Monday as investors return from a long weekend — U.S. markets were closed Friday for Juneteenth — and assess a mixed backdrop: tentative optimism over U.S.–Iran peace talks, a newly hawkish Federal Reserve, and a key week of economic data and earnings ahead. Oil is steadying, the Canadian dollar is under modest pressure, and Asian markets rallied while European and U.S. futures drifted slightly lower in early trading. 🍁 Canada — TSX & the Loonie The S&P/TSX Composite Index heads into Monday trading with a cautious tone, sitting near the 34,857 level after slipping 0.32% on Thursday — the last day Canadian markets were open. Energy stocks will be in focus as oil prices stabilize following weeks of volatility tied to the U.S.–Iran conflict and the partial reopening of the Strait of Hormuz. The Canadian dollar is trading at approximately 70.52 cents U.S. (CAD/USD: 0.7052), down about 0.22% on the session. The loonie remains und...
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Federal Court Upholds Trudeau's Prorogation Decision

 

In a landmark ruling, the Federal Court has dismissed a legal challenge against Prime Minister Justin Trudeau's decision to prorogue Parliament earlier this year. The challenge, brought forward by two Nova Scotia residents, argued that Trudeau's move lacked reasonable justification and undermined Parliament's constitutional role. However, Chief Justice Paul Crampton concluded that the Prime Minister acted within his constitutional authority.

The court acknowledged the applicants' concerns about the growing concentration of power in the executive branch but found no evidence that Trudeau's decision exceeded legal limits or was solely driven by partisan motives. The ruling emphasized that the Prime Minister's advice to the Governor General, Mary Simon, to prorogue Parliament was not subject to judicial review in this context.

Trudeau had justified the prorogation as a necessary "reset" for a gridlocked Parliament and announced his intention to resign as Liberal leader, paving the way for new leadership. The decision has sparked debate about the balance of power between Canada's executive and legislative branches, but for now, the court's ruling affirms the legality of Trudeau's actions.

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