Tuesday, August 11, 2026
Oil is climbing for an eighth straight session, the TSX just set another record high, and the countdown to Canada's next tariff deadline is down to single digits. Here's what's moving markets today — and what it actually means for your wallet.
1. Oil Just Topped $87 — And Gas Prices Are Watching
Brent crude settled just under $88 US a barrel on Monday, its fourth straight advance, as hopes for a deal to fully reopen the Strait of Hormuz faded. Iran is demanding the U.S. lift its naval blockade before it will negotiate further, and Washington has so far declined. West Texas Intermediate, the North American benchmark, closed around $82.
What it means for you: Pump prices had been easing through early August, but crude's climb back above $87 tends to show up at the pump within a week or two. If you're planning a road trip or due for a fill-up, it may be worth topping off sooner rather than later.
2. The TSX Hit Another Record High
Canada's benchmark index closed Monday at 36,458.33, up 0.2% and its second straight record close, with energy stocks leading the way as oil climbed. Suncor, Cenovus and Canadian Natural Resources were among the day's biggest gainers, while tech names also advanced.
What it means for you: If your RRSP or TFSA holds Canadian equity funds, this is another quietly good month. The gains have been driven by energy and gold miners specifically — worth knowing if your portfolio is concentrated in bank stocks or tech instead, since your returns may look different from the index headline.
3. Gold Is Sitting Near a Two-Month High
Gold climbed back above US$4,400 an ounce, its highest level in about two months, as Chinese institutional buyers and the People's Bank of China keep adding to bullion holdings, and investors look for a hedge against rising oil-driven inflation risk.
What it means for you: If you hold a gold ETF in your TFSA or RRSP, this run has likely padded your balance further. If you're shopping for jewellery or considering selling old gold, prices are elevated right now — good for sellers, a pricier moment for buyers.
4. Eight Days Left on the Tariff Clock
The Aug. 19 deadline for a new U.S. 50% tariff on a fresh batch of Canadian goods — everything from alcohol to hockey sticks to cement — is now just over a week away. Trade Minister Dominic LeBlanc has been shuttling to Washington, and sources describe talks as intensifying, with Canada reportedly willing to end provincial bans on U.S. alcohol and adjust dairy quotas in exchange for relief on steel, aluminum and auto tariffs. Nothing is signed yet, and officials on both sides say talks could still fall apart before the deadline.
What it means for you: If a deal isn't reached, expect higher prices on imported wine and spirits, furniture, and select other goods within weeks, along with possible retaliatory tariffs raising costs on the Canadian side too. Nothing to act on yet — but worth watching if you're planning a big purchase in one of the affected categories before Aug. 19.
5. Mark Your Calendar: Canada's Next Inflation Report Lands Aug. 17
Statistics Canada will release the July Consumer Price Index on Monday, August 17 — two days before the tariff deadline and about two weeks ahead of the Bank of Canada's September 2 rate decision. June's headline CPI came in at 2.8% year-over-year, down from 3.2% in May.
What it means for you: This report — landing right in the middle of tariff-deadline week — could be an early signal of whether rising oil prices and any new tariffs are starting to feed through to prices at checkout, and it'll shape expectations heading into the Bank of Canada's next rate call.
This post is for general informational purposes and isn't personalized financial advice. Market data reflects closing levels as of Monday, August 10, 2026, and prices can move quickly — always check current figures before making a financial decision.
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