FX.co ★ TSX Futures Inch Up as US Tariffs Are Paused

Futures tracking Canadian equities edged higher on Wednesday after U.S. President Donald Trump temporarily halted new tariffs on Canadian goods. Late Tuesday, Trump announced a three-day pause on the planned 50% tariffs that were scheduled to take effect on Wednesday, citing the conclusion of a deal between the two countries. The prospect of an agreement provided a boost to Canadian exporters.

Oil prices rose to a three-week high as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions persisted, supporting energy producers. Gold prices also advanced, underpinned by a weaker U.S. dollar and stabilizing global bond yields, which lent strength to mining stocks.

At the same time, financials and the broader market remained under pressure, weighed down by energy-driven inflationary concerns linked to the conflict in the Middle East and caution ahead of the release of the U.S. Federal Reserve’s July meeting minutes.