Brent crude jumped on September 23, 2026, yet the Canadian dollar weakened for a third session as rising US rate expectations outweighed oil. The US 10-year Treasury yield rose to its highest level since 2007 after strong business activity data and a pro-hike speech from a Fed governor. Both the Fed and the Bank of Canada decide on October 28, and a credible Hormuz deal could hurt the loonie twice, through lower crude and lower Bank of Canada hike odds.
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The S&P/TSX Composite fell on September 23, 2026, even as crude oil rallied, because losses in gold miners outweighed modest gains in energy stocks.
TSX Composite Falls Despite an Oil Rally as Gold Stocks Slide
September 23, 2026
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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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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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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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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
Brent, TSX and Gold Rebased to the August 31 Close
September 30, 2026
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The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.
Government of Canada Benchmark Yields, September 2026
September 30, 2026
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