Oil, the Canadian dollar, and the TSX diverged over the week ending July 24, even as crude posted its strongest weekly gain since the war began in February. The Canadian dollar weakened against the US dollar despite that strength, breaking from its usual link to energy prices. Markets are now bracing for a fifty percent US tariff on Canadian autos, alcohol, and dairy taking effect August 19, landing between the Federal Reserve's July decision and the Bank of Canada's next meeting on September 2.
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