Skip to main content

Featured

5 Things to Know Today: BoC Decision Looms, TSX Sits Near Record Highs

  Saturday, July 11, 2026 Here's what Canadians need to know heading into the week, as markets brace for the Bank of Canada's rate decision and the CUSMA trade file keeps grinding along. 1. The Bank of Canada decides Wednesday, and a hold is all but locked in The Bank of Canada's next rate announcement lands July 15, and virtually every economist on Bay Street expects the overnight rate to stay parked at 2.25% — what would be a sixth straight pause. A stronger-than-expected June jobs report has taken away any urgency to cut, while cooling inflation and lingering trade uncertainty argue against a hike. Expect the accompanying statement to lean on familiar language: steady as she goes. 2. June's jobs report beat expectations, and the jobless rate ticked down Statistics Canada reported employers added roughly 18,000 jobs in June, ahead of forecasts and building on May's much larger 88,000-job gain. The unemployment rate slipped to 6.5%, back to where it stood in Januar...
Post a Comment
Read more

article

Labels

Weekly Market Snapshot: TSX Near Records, Loonie Rebounds Ahead of BoC Decision



Week Ending Friday, July 10, 2026


It was a solid week for Canadian and U.S. equities, with the TSX flirting with record territory and Wall Street stringing together its fourth straight winning week. The loonie finally caught a break after a rough stretch, and overseas markets in Asia were the standout performers. Here's everything you need to know before the Bank of Canada's rate decision on July 15.

🇨🇦 Canada: TSX Near Record Highs

The S&P/TSX Composite closed the week at 35,305.31, up 104.86 points (+0.30%) on Friday alone, and near record levels after a strong two-day run. The gains were broad-based:

  • Consumer stocks led Friday's advance.
  • Financials were mixed to higher, with RBC, TD, and BMO all posting modest gains earlier in the week.
  • Mining and gold names (Barrick, Agnico Eagle, Wheaton Precious Metals) pulled back slightly as gold prices eased off recent highs.
  • Tech got a lift from the SK Hynix Nasdaq debut (more below), with Shopify and Constellation Software both trading higher.

The big data point of the week was Canada's June jobs report: the economy added 18,200 jobs, well ahead of the 10,000 expected, while the unemployment rate ticked down to 6.5%. That's a welcome sign after a shaky few months, and it takes some near-term pressure off the case for a rate cut.

🏦 Bank of Canada Preview — Decision on July 15

The Bank of Canada holds its key policy rate at 2.25% heading into next week's decision. This week's stronger-than-expected jobs number reduces the urgency for a near-term cut, and strategists note the data is unlikely to shift the BoC's immediate path — inflation, not employment, remains the Bank's primary focus right now. Watch for commentary on trade uncertainty and the ongoing CUSMA review as key swing factors in the accompanying statement.

💵 Canadian Dollar & Commodities

  • Canadian dollar: Posted its first weekly gain in six weeks, up about 0.5%, closing near 1.4125 USD/CAD (roughly 70.8 U.S. cents) — a three-week high — on the back of the strong jobs print.
  • Oil (WTI): Eased to around US$71.50, pulling back slightly as diplomatic signals around the Strait of Hormuz situation improved, even as tensions between the U.S. and Iran flared again mid-week.
  • Gold: Slipped to roughly US$4,113/oz, down for the session after a strong run earlier in the week.

🇺🇸 United States: Fourth Straight Winning Week

U.S. markets closed out a choppy but ultimately positive week:

  • S&P 500: 7,575.39 (+0.42% Friday), notching more than a 1% gain on the week — its fourth consecutive winning week.
  • Dow Jones Industrial Average: 52,637.01 (+0.29% Friday), though the index slipped roughly 0.5% for the week as traditional sectors lagged tech.
  • Nasdaq Composite: 26,281.61 (+0.29% Friday), up more than 1% on the week, powered by continued AI and chip enthusiasm.
  • Russell 2000 (small caps): 2,977.81 (-0.49% Friday).
  • VIX (volatility index): Fell to 15.03, signaling calmer investor nerves heading into earnings season.

The headline event was the Nasdaq debut of South Korean memory chip giant SK Hynix, which raised US$26.5 billion — the largest-ever U.S. listing by a foreign company — with shares popping roughly 13-14% on open. Meta Platforms was also a standout, up nearly 15% on the week after positive analyst commentary on its AI infrastructure costs. Big U.S. bank earnings kick off next week, led by JPMorgan Chase on Tuesday.

🌍 Global Markets

  • Japan (Nikkei 225): 68,557.53, up 1.2% Friday and near record territory, riding the same AI/chip enthusiasm as Wall Street.
  • South Korea (Kospi): Surged 2.5% to 7,475.94, with a buy-side "sidecar" briefly halting program trading after Kospi 200 futures spiked more than 5% — largely tied to the SK Hynix listing.
  • Hong Kong (Hang Seng): Up roughly 0.6-1.5% on the week.
  • China (CSI 300): Down about 2%, dragged by tech and industrial names.
  • UK (FTSE 100): 10,497.29, +0.24% Friday.
  • Germany (DAX): 25,067.09, -0.20% Friday.
  • France (CAC 40): +0.15% Friday.
  • Australia (S&P/ASX 200): Up 0.5% to 8,806.

📅 What to Watch Next Week

  • July 15: Bank of Canada rate decision — expected to hold at 2.25%.
  • Tuesday: Big U.S. bank earnings begin (JPMorgan Chase and others).
  • Continued watch on the Strait of Hormuz situation and its impact on oil prices.
  • Ongoing CUSMA trade review developments.
  • Semiconductor earnings from ASML and Taiwan Semiconductor.

Disclaimer: This snapshot is for informational purposes only and does not constitute financial advice. Always do your own research or consult a licensed financial advisor before making investment decisions.
Labels:

Comments

Post a Comment