The TSX has broken its own recent volatility average in five of the last six sessions, a stretch triggered by Washington's tariffs on Canadian goods and Iran's attack on a tanker in the Strait of Hormuz. Two of those five outsized moves were gains, not losses, yet down days tend to stick in memory more than up days, a pattern researchers call loss aversion. The prior three weeks cleared the same volatility threshold only four times in fourteen sessions.
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