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TSX Hits Record High as Iran Deal Lifts Markets — Daily Update, June 16, 2026

Oil tumbles on Strait of Hormuz reopening framework. All eyes on the Federal Reserve as Kevin Warsh chairs his first policy meeting. Here is everything moving Canadian wallets today. Tuesday, June 16, 2026  |  MoneySavings.ca 🇨🇦 TSX — Another Record on the Books The S&P/TSX Composite closed at a fresh all-time high on Monday, June 15, topping 35,398 intraday before finishing near the upper end of its range. The index is now up more than 11% year-to-date , the second-best performance among major global indexes tracked through mid-June — behind only Japan's Nikkei (+31%). Monday's rally was broad-based, fuelled by a surge in risk appetite following the announcement of a U.S.–Iran peace framework over the weekend. Energy, financials, and materials all participated, though energy stocks gained somewhat less than the others as crude oil prices simultaneously fell sharply on the Strait of Hormuz reopening news — a rare case where the same headline pushed the index up and one ...

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Alberta Invokes Notwithstanding Clause to End Historic Teacher Strike

 

Alberta’s United Conservative government has taken the extraordinary step of invoking the notwithstanding clause of the Canadian Charter of Rights and Freedoms to end a province-wide teacher strike, forcing more than 51,000 educators back to work after three weeks of job action.

Premier Danielle Smith’s caucus pushed the legislation through the legislature in a marathon late-night session, curtailing debate and passing the bill in just over six hours. The government argued that the strike had moved beyond inconvenience and was causing serious harm to students’ education and social development. Education Minister Demetrios Nicolaides described the move as a “moral imperative” to restore classroom learning.

The decision marks the largest use of the notwithstanding clause in Alberta’s history and has ignited fierce backlash. The Alberta Teachers’ Association (ATA) condemned the bill as a “gross abuse of power” and vowed to pursue all legal avenues to challenge what it called an assault on collective bargaining rights. Union leaders warned that the precedent could undermine the rights of all workers across the province.

The clause, found in Section 33 of the Charter, allows governments to override certain constitutional rights for renewable five-year periods. While rarely used, it has become a flashpoint in Canadian politics whenever invoked, particularly in labour disputes.

The government’s move has also drawn the attention of other unions, with more than 350,000 workers in allied sectors signaling they may mount an “unprecedented response” to what they view as a dangerous erosion of democratic protections.

For now, Alberta students are expected to return to classrooms immediately, but the political and legal battles surrounding this decision are only beginning. The clash between the Smith government and organized labour could shape the province’s labour relations for years to come.


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