Bank of Canada policy, inflation, employment and the Canadian dollar.
A Canadian explorer with no laboratory numbers rose 93.8 per cent on September 9, 2026. A company that published laboratory numbers fell 35 per cent the next day. Canadian mining disclosure runs on four separate stages of proof, and most of the confusion in a drill-results week comes from treating them as one.
By Priya Sandhu8 min read
On September 9, 2026 four of the ten largest declines on the Toronto exchange were exchange-traded funds. Three of them hold nothing but Shopify, and they fell 27.83, 14.97 and 14.90 per cent respectively on the same day, against the same company. A fourth, a target-maturity bond fund, had printed a 38.59 per cent gain five sessions earlier on 2,000 units and gave all of it back. Here is what each of those numbers was actually measuring, and where the manager publishes the figure that is not a quote.
By Marc Belzile7 min readRUQO.TOSHPE.TO
Junior exploration was the busiest corner of the Canadian market this week, and almost none of it is paid for out of revenue. It is paid for by placements, and those placements are priced two different ways at once: flow-through shares above the market, ordinary units below it. The difference is a tax deduction the Canada Revenue Agency lets an exploration company hand to the buyer. Here is what that deduction is worth in dollars, why the calendar pushes the cheques into the autumn, and what each kind of financing does to the share count.
By Élise Galarneau8 min read
The Bank of Canada's policy rate sat about 1.4 percentage points below the US effective federal funds rate in early September 2026, metals prices rose 4.2 per cent into August, and the loonie ended the week close to where it began. That stops being a puzzle once the currency is read as the net of two forces, the rate gap and the terms of trade. Here is how each one works, what the Bank's commodity index says about August, and what a five per cent move in the loonie does to a US$10,000 position.
By Hannah Kuan8 min read
Real GDP by expenditure grew 0.8% in the second quarter of 2026. That says nothing about whether output per hour worked improved — and for long-horizon investors, the second question is the important one.
By Priya Sandhu2 min read
The Bank of Canada's target sits well below the federal-funds range. That is factual. The conclusion that the loonie must therefore weaken is not.
By Élise Galarneau2 min read
Canada raised $2 billion in a new ten-year green bond in February 2026. The green framework governs use of proceeds and reporting. It does not alter interest-rate risk.
By Daniel Okoye2 min read
A functioning free-trade agreement and significant sectoral tariffs can coexist. Two Canadian companies with identical U.S. revenue can carry entirely different trade risk.
By Priya Sandhu2 min read
The Bank of Canada can cut while the ten-year yield holds or rises. That is not a contradiction — it is what happens when inflation expectations, term premium and sovereign supply price duration separately.
By Daniel Okoye2 min read
Canada's productivity shortfall is discussed as a national failing. For investors it is more useful as a margin forecast: output per hour determines how much of revenue growth reaches operating income.
By Élise Galarneau3 min read
The Bank of Canada announces a policy rate eight times a year. The rate that actually prices Canadian floating debt is CORRA, and it is set by the supply of settlement balances — a number almost nobody watches.
By Élise Galarneau4 min read
A simple high-yield screen on the TSX tends to surface companies the market already doubts, not hidden value. This piece explains why yield alone is a poor screen, which metrics — payout ratio against free cash flow, dividend growth history, debt profile — actually matter, and where high yields are structurally legitimate.
By Élise Galarneau3 min read
Canada's exports remain unusually concentrated in a single destination market, a structural feature that two decades of diversification efforts have barely moved. This piece explains why that concentration is a direct earnings risk for TSX-listed exporters, not just a macro footnote.
By Élise Galarneau3 min read
Monthly employment changes carry confidence intervals wide enough to swallow most reported moves.
By Élise Galarneau3 min read
Five lines explain most of what moves a bank stock on results day. Everything else is detail.
By Hannah Kuan4 min read
The Bank of Canada held its policy rate at 2.75 per cent for a third straight meeting and dropped language markets had read as an easing bias, a more hawkish signal than the unchanged rate suggests. Bond yields, the loonie and rate-sensitive equity sectors all moved on the guidance shift rather than the rate itself.
By Élise Galarneau4 min read
