The Canadian Index

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September 2026

Line chart of gold futures falling from an August 27 peak to a six-week low on September 21, 2026.

Gold fell to its lowest level in six weeks on September 21, 2026, with the decline accelerating after the US Federal Reserve raised rates on September 16.

Gold Falls to a Six-Week Low as the Fed Hike Outweighs the War Premium

September 22, 2026

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Indexed line chart comparing WTI crude oil with the TSX energy sector from August 31 to September 16, 2026.

WTI crude rose sharply in early September 2026 as the Strait of Hormuz crisis continued, peaking on September 10.

The Hormuz Premium Did Not Show Up in Canadian Energy Stocks

September 22, 2026

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Line chart comparing Bank of Canada and US Federal Reserve policy rates at each decision from January 2025 to September 2026.

The US Federal Reserve raised its policy rate on September 16, 2026, its first increase in three years, citing persistent energy and consumer price pressure.

Why the Fed Just Broke Rank With the Bank of Canada

September 22, 2026

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Step chart of the Canada Revenue Agency's quarterly prescribed interest rate from 2022 through the fourth quarter of 2026.

The Canada Revenue Agency's prescribed interest rate stays unchanged for the fourth quarter of 2026, the sixth straight quarter at the same…

The Prescribed Rate Has Not Been This Flat in Four Years

September 22, 2026

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Line chart of the VIX volatility index spiking on the September 16 Fed rate hike, then easing back within four sessions.

The US Federal Reserve raised its policy rate on September 16, 2026, its first increase in three years, ending two years of consecutive cuts.

The Anchoring Bias Behind the Fed Rate Shock

September 22, 2026

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Line chart of the TSX Composite as Canadian bond yields stayed elevated despite falling oil prices.

The Government of Canada 10-year bond yield closed near 3.94 percent in mid-September, largely unchanged from before oil began its decline,…

TSX Slides as Canadian Bond Yields Stay Elevated Despite Falling Oil

September 21, 2026

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Line chart showing WTI crude oil declining over four sessions amid a Hormuz shipping data dispute.

Crude oil has fallen for four straight sessions, with the U.S.

Oil Falls for a Fourth Session as Hormuz Shipping Data Is Disputed

September 21, 2026

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Line chart of the TSX Composite over a volatile week in which only the energy sector posted a gain.

The TSX Composite closed the week at 35,806.65, down 67.61 points Friday with decliners outnumbering advancers by roughly 400.

The TSX Closed a Volatile Week at 35,806.65. Energy Was the Only Sector That Actually Held.

September 21, 2026

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Line chart showing WTI crude oil falling for four sessions as diplomatic hopes with Iran rose.

WTI crude has fallen for four straight sessions, down to $94.01 from a September 10 peak of $102.48, after reports that President Trump is…

The Strait of Hormuz Priced In a War. This Week It Started Pricing an Exit.

September 21, 2026

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Line chart showing the Government of Canada five-year bond yield climbing through August and September.

Canadian headline inflation held at 3.0 percent year over year in August, matching July, but the underlying number worsened: inflation…

The Bond Market Already Moved Before the Bank of Canada Has To

September 21, 2026

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Bar chart showing the RRSP dollar contribution limit rising to $33,810 for the 2026 tax year.

The RRSP dollar contribution limit rose to $33,810 for 2026, up from $32,490, and is already legislated to reach $35,390 in 2027.

The Prescribed Rate Has Not Moved in Six Quarters. The Bond Market Suggests That Is About to Change

September 21, 2026

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Line chart of the VIX volatility index easing even as investor-reported bearish sentiment hit a 16-month high.

Investor-reported fear and market-priced fear told different stories this month.

The Fear Investors Report and the Fear the Market Is Pricing Have Split

September 21, 2026

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Line chart of the TSX Composite over the week the Fed hiked rates and the Bank of Canada held.

Two G7 central banks moved in opposite directions the week of September 15: the Federal Reserve raised its policy rate a quarter point to…

The Week the Bank of Canada's Own Rate Stopped Setting Canadian Borrowing Costs

September 19, 2026

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Bar chart showing gold and silver rising while the TSX and crude oil fell on September 18.

Six major markets split unevenly on September 18: silver rose 2.32 percent and gold 1.00 percent even as both Canadian and U.S.

Gold and Silver Rise With Yields, Breaking the Usual Pattern

September 18, 2026

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Line chart showing the TSX Composite retreating over 24 sessions as bond yields resumed climbing.

The TSX Composite gave back most of Thursday's post-Fed rebound by Friday, closing at 35,677.84 as bond yields resumed climbing.

TSX Gives Back Post-Fed Rally as Bond Yields Resume Climbing

September 18, 2026

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Bar chart comparing the daily percent gains of the TSX, S&P 500, Dow, and Nasdaq on September 17.

All four major North American indices closed higher on September 17 as Treasury yields pulled back from a 19-year high reached in the…

Wall Street Rallied After the Fed Hike. The TSX Followed, But Lagged the Nasdaq by More Than Half a Point.

September 18, 2026

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Line chart showing WTI crude oil prices spiking after a Saudi pipeline strike in September 2026.

A Houthi strike on a Saudi Arabian east-west pipeline opened a second chokepoint in the region's oil supply chain this month, layering onto…

The Strait of Hormuz Story Just Got a Second Chokepoint, and Canada Has Exposure on Both Sides

September 18, 2026

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Line chart comparing the Bank of Canada and Federal Reserve policy rate paths through 2026.

The Bank of Canada has held its policy rate at 2.25 percent through seven consecutive decisions this year, with its next scheduled announcement not due until October 28.

The Bank of Canada Has Not Moved All Year. The Fed Just Did.

September 18, 2026

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Bar chart showing the TFSA annual contribution limit rising to a projected $7,500 in 2027.

Tax-Free Savings Account contribution room is projected to rise to $7,500 in 2027, a $500 increase and the first jump since 2024.

TFSA Room Is Set to Rise to $7,500 in 2027, the First Jump Since 2024

September 18, 2026

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Line chart showing the TSX Composite falling then recovering around the Federal Reserve's September rate hike.

The Federal Reserve raised its policy rate for the first time since 2023 on September 16, moving to a 3.75 to 4.00 percent range under new Chair Kevin Warsh.

The Fed Just Hiked for the First Time Since 2023, and the TSX Barely Blinked

September 18, 2026

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Bar chart comparing same-session percentage moves across gold, silver, oil, and other major assets on September 17, 2026.

Gold and silver led gains across major assets Thursday even against a seven-week high for the US dollar, a combination strategists linked…

The Fed Called an Oil Shock Elevated the Same Day the BoC Found No Sign It Has Spread

September 17, 2026

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Line chart showing the S&P/TSX Composite index rebounding on a base metals rally on September 17, 2026.

The TSX Composite rebounded to about 35,858 on Thursday, led by base metals, a day after closing at its lowest level since July.

The Fed Called an Oil Shock Elevated the Same Day the BoC Found No Sign It Has Spread

September 17, 2026

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Line chart showing the TSX Composite index falling to its lowest close in weeks despite a rally in oil prices.

The TSX Composite fell to its lowest close since early September, down about 4 percent from its late-August high, even as WTI crude above…

The TSX Fell 91 Points as the Fed Decision Overpowered Rising Oil

September 17, 2026

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Line chart showing WTI crude oil above 100 dollars a barrel as Strait of Hormuz tanker traffic collapses.

WTI crude has climbed above 100 dollars a barrel from about 85 dollars in mid-August, after fighting between US and Iranian forces resumed…

Why Oil Crossed 100 Dollars Without a Full Strait of Hormuz Closure

September 17, 2026

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