The Canadian Index

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August 2026

Line chart of Government of Canada 2-year, 5-year and 10-year benchmark yields through August 2026, with a shaded span at the August 21 peak.

Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.

Government of Canada Benchmark Yields, August 2026

August 31, 2026

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Line chart of gold futures, the S&P/TSX Composite and Brent crude, each rebased to 100 at the July 31 close.

Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.

Gold, TSX and Brent Rebased to the July 31 Close

August 31, 2026

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Line chart of the S&P/TSX Composite daily close through August 2026, with a shaded span marking five straight record closes.

Gold miners did most of the lifting as the index set eight record closes during the month, the last on August 25.

S&P/TSX Composite Daily Close Through August 2026

August 31, 2026

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Line chart comparing USD/CAD and WTI crude daily closes since August 14, 2026, showing the pair drifting together rather than inversely since August 26.

USD/CAD held just under 1.3900 Monday, down 0.2% on the day, as WTI crude's climb to a post-Aug-24 high offset a U.S.

Gold's Silence on the Iran Strikes Points Straight at Wednesday's BoC Decision

August 31, 2026

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Indexed line chart comparing WTI crude and gold since August 14, 2026, showing the two assets diverging after August 28 as crude climbed and gold fell.

WTI crude closed at $86.72, up 2.3% and its highest level since August 24, while gold fell nearly 1% Monday even as the U.S.

Gold's Silence on the Iran Strikes Points Straight at Wednesday's BoC Decision

August 31, 2026

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Candlestick chart of the TSX Composite from August 13 to 28, 2026, showing a record close on August 25 followed by a three-session slide to 36,553.92.

The TSX Composite closed Friday at 36,553.92, down 0.76% and a third straight decline from the August 25 record, as gold-linked miners fell…

The TSX Set a Record Close Six Sessions Ago. It Has Given Back 400 Points Since

August 31, 2026

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Bar chart of six assets' percentage moves on August 31, 2026, showing WTI crude leading with a 3.54 percent gain while gold and the 10-year Treasury barely moved.

WTI crude jumped 3.54% Monday morning after the U.S.

The US and Iran Exchanged Strikes This Weekend. Only Oil Is Actually Pricing It

August 31, 2026

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Line chart of Canada's year-over-year CPI from January to July 2026, rising to 3.0 percent in July against the Bank of Canada's 2 percent target.

Canada's headline CPI rose 3.0% year over year in July, tracking a Hormuz-driven gasoline-price spike that pushed inflation to a war-era peak in May before easing.

The Bank of Canada Meets Wednesday With Growth Ahead of Forecast and the Gasoline Channel Reopened

August 31, 2026

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Step chart showing the CRA's prescribed interest rate holding at 3 percent from the third quarter of 2025 through the fourth quarter of 2026.

The Canada Revenue Agency held the prescribed rate on family loans at 3% for the fourth quarter of 2026, its sixth straight quarter at that level.

The CRA Held the Prescribed Rate at 3% Again. The Window to Use It Is Narrower Than It Looks

August 31, 2026

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Line chart tracking gold's spot price from August 17 to 31, 2026, showing a 15-week high on August 24 followed by a 5.3 percent decline to $4,454.53.

Gold fell to $4,454.53, down 5.3% from its August 24 high, after a hawkish Jackson Hole speech from Fed Chair Kevin Warsh unwound three weeks of gains built on debt-debasement flows.

Gold's Quiet Climb to a 15-Week High Hid the Risk That Just Came Back

August 31, 2026

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Bar chart comparing the Dow, Canadian dollar, TSX, and gold's percentage moves on August 28, 2026, with gold falling the most at 2.88 percent.

Federal Reserve Chair Kevin Warsh's first Jackson Hole address as chair, delivered Friday morning, argued underlying inflation has not…

Canada Had Its Best Economic Week in Years. The TSX Still Closed Lower.

August 29, 2026

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Line chart showing the TSX Composite's five daily closes for the week of August 21 to 28, 2026, peaking at a record on Tuesday before falling to 36,553.92 by Friday.

The TSX Composite closed the week at 36,553.92, slipping from Tuesday's record high after Canada's benchmark index reversed three of five…

Canada Had Its Best Economic Week in Years. The TSX Still Closed Lower.

August 29, 2026

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Bar chart showing the TSX's point decline below its record close over three consecutive trading sessions in late August 2026.

The TSX has fallen for three straight sessions since Tuesday's record close of 36,957.63, with the drawdown widening each day for a different reason.

TSX Slides for a Third Straight Session Below Record Close

August 28, 2026

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Bar chart comparing Friday's percentage moves across gold, the Canadian dollar, the TSX, and major US stock indexes after a Fed speech.

Gold, the Canadian dollar, and the TSX all fell Friday while the Dow, S&P 500, and Nasdaq rose, after new Federal Reserve Chair Kevin…

Gold and TSX Fall While Wall Street Rallies on Same Fed Speech

August 28, 2026

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Bar chart showing percentage price moves for the ten largest TSX components on August 27, 2026.

The TSX slipped 46 points to 36,792.41 Thursday, extending its retreat from Tuesday's record close of 36,957.63.

TSX Retreats From Record as Oil Rebound Overshadows Bank Earnings

August 28, 2026

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Line chart tracking Brent crude oil prices swinging between $86.38 and $89.83 amid shifting Hormuz Strait headlines in August 2026.

Brent crude swung from a one-month low of $86.38 on Wednesday to $89.83 by Thursday, as diplomatic signals over the Strait of Hormuz reversed within 48 hours.

Oil's 48 Hour Reversal Shows Why Hormuz Remains a Tail Risk, Not a Resolved Story

August 28, 2026

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Line chart showing Canada's monthly CPI inflation rate rising to 3.0 percent in July 2026 from 2.8 percent in June.

Canadian inflation climbed to 3.0 per cent in July from 2.8 per cent in June, moving further above the Bank of Canada's 2 per cent target.

Canada's Inflation Rate Climbs to 3.0% Ahead of the Bank of Canada's September Decision

August 28, 2026

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Bar chart breaking down Canada's $7.5 billion tariff relief package by funding stream announced August 25, 2026.

The federal government's $7.5 billion tariff relief package, announced August 25, arrives days before Canada's own retaliatory tariffs take…

Ottawa's $7.5 Billion Tariff Relief Package: What Business Owner Clients Need Before September 8

August 28, 2026

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Bar chart comparing five Canadian banks' Q3 profit growth against their stock price reaction on earnings day.

Anchoring bias, not disappointment, explains this week's mismatch between Canadian bank earnings and stock reactions.

Why TD's 38% Profit Jump Moved the Stock Less Than Scotiabank's 18%

August 28, 2026

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Line chart showing the USD/CAD exchange rate rising this week amid Canada-US tariff tensions.

The Canadian dollar has weakened against the US dollar this week even as oil prices, which the loonie often tracks, fell sharply over the same period.

Canadian Dollar Weakens as Tariff Fight Overshadows Falling Oil

August 27, 2026

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Line chart tracking WTI crude oil's daily price as Strait of Hormuz supply risk eased in late August.

WTI crude has fallen nearly six percent from its August 21 close as reports of talks between Iran and Oman on a temporary Strait of Hormuz…

WTI Crude Eases as Hormuz Corridor Talks Reduce Risk Premium

August 27, 2026

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Bar chart showing how Canada's Big Six bank stocks traded on their third-quarter earnings day.

The TSX Composite held essentially flat this week, pulling back only slightly from Tuesday's record close, as strong bank earnings offset a…

Financials Carry the TSX Through a Week That Should Have Been Rougher

August 27, 2026

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Line chart showing WTI crude oil's daily closing price falling from its August 21 peak.

WTI crude has fallen more than six percent since its August 21 peak as Washington signalled a shift toward economic sanctions rather than…

Oil Fell 6% When Washington Chose Sanctions Over Strikes

August 27, 2026

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Line chart tracking the Government of Canada 10-year bond yield's daily close through late August 2026.

The Government of Canada 10-year yield touched a more than two-year high of 3.77% on August 21 before retreating on trade-war growth…

The 10-Year Round Trip: What a Hot PCE Print Means for the Sept. 2 BoC Decision

August 27, 2026

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