FX.co ★ TSX Starts Week Just Below Record Highs

On Monday, the TSX managed to reduce its initial session losses, closing slightly lower at 27,020. Investors were navigating the new wave of trade uncertainty against the backdrop of supportive commodity prices and encouraging domestic data. The index initially dipped due to ongoing concerns about President Trump's impending tariff deadline—which has now been postponed to August 1st—and the potential 50% tariffs on metals exporters, negatively impacting resource stocks. Nevertheless, gold mining stocks recovered after initial declines, supported by a modest rise in gold prices and the belief that safe-haven investments would not completely hinder bullion demand. Additionally, the trade deficit for June saw a slight reduction, driven by stronger export figures, while Canada’s housing market index for July remained near its six-month high. These factors indicated that although domestic growth is uneven, it is not on the brink of collapse, even amidst persistent trade tensions.