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5 Things to Know Today: July 4, 2026

  Saturday, July 4, 2026 Here's what Canadians need to know this morning — from a strong close on Bay Street to a trade deal that's now on shakier ground, plus what to watch before the Bank of Canada's next rate call. 1. TSX Closes Sharply Higher, Loonie Slips The S&P/TSX Composite Index jumped 308.17 points, or 0.88%, to close at 35,274.84 on Thursday, July 3, as markets reopened following the Canada Day long weekend. Trading volume topped 89 million shares. Gains were broad-based, with the small-cap S&P/TSX Venture Composite up 2.61% on the day. The Canadian dollar edged lower against the U.S. dollar, with CAD/USD dipping about 0.10% to roughly 70.4 cents. Figures cross-checked against Yahoo Finance, Google Finance, and Bloomberg. 2. CUSMA Trade Deal Left in Limbo After U.S. Declines Extension The mandatory six-year review of the Canada-U.S.-Mexico Agreement passed its July 1 milestone without a renewal. The U.S. Trade Representative's office confirmed Washing...
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Supreme Court Decision Sparks Debate Over Alien Enemies Act


The U.S. Supreme Court has ruled in favor of former President Donald Trump, allowing the use of the Alien Enemies Act of 1798 to deport alleged Venezuelan gang members. This decision, made in a 5-4 vote, has reignited discussions about the application of this wartime law in modern times.

The Alien Enemies Act, historically employed during wartime, grants the president authority to deport individuals deemed a national security risk. Trump's administration invoked this law to expedite the deportation of members of the Tren de Aragua gang. However, the court emphasized that detainees must be given notice and an opportunity to challenge their removal through habeas corpus claims.

Critics argue that the law's application in this context exceeds its intended scope, as it was designed for wartime scenarios involving foreign governments. Supporters, however, view the decision as a victory for national security and presidential authority.

The ruling has sparked legal and ethical debates, with dissenting justices questioning the legitimacy of using the Alien Enemies Act for non-state actors like gangs. The case continues to highlight tensions between executive power and judicial oversight in immigration policy.

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