FX.co ★ TSX Renews Record High

The S&P/TSX Composite Index experienced a notable increase of 0.6% to reach a new record high of 26,857 on Monday. This positive movement was driven by renewed discussions on US trade and robust advances in key mining equities. The Canadian government's unexpected revocation of the 3% digital services tax has paved the way for productive negotiations with Washington, set to conclude by July 21st. This development reduces the risk of retaliatory US tariffs on Canada’s technology and telecom exports. Major players in the financial and tech sectors boosted the Toronto market, with Royal Bank of Canada, Shopify, Toronto-Dominion Bank, and Bank of Montreal each seeing gains ranging from 0.5% to 1%. Simultaneously, leading mining companies such as Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada saw their stocks increase between 0.7% and 2.3%, due to recovering gold prices. On the macroeconomic level, the market was also absorbing May’s preliminary GDP estimate, which indicated another 0.1% decline for the month—highlighting the Canadian economy's ongoing susceptibility to external trade challenges.