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Welcome to the July edition of the Wealth Awesome newsletter. Thank you to the 17,000+ 🇨🇦 subscribers who join us today!
Market Update
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Summary
Tariff Turbulence Returns: Canada’s Economy Braces for Another Trade Test
Canada’s economy is expected to post another month of solid growth in May, with GDP forecast to rise 0.2%, supported by stronger manufacturing, retail activity, energy production, and a recovering housing market.
However, the outlook has been clouded by a fresh wave of proposed U.S. tariffs that could hit targeted manufacturing sectors such as plastics, electrical equipment, and furniture. RBC believes the broader economy can absorb the impact, as more than 80% of Canadian exports to the U.S.
would remain duty-free under CUSMA, while domestic demand and higher energy revenues should provide some cushion.
Even so, growing trade uncertainty is likely to weigh on business confidence and reinforce expectations that the Bank of Canada will keep interest rates unchanged through the rest of the year.
⏱ TLDR: Canada’s economy continues to recover, but fresh U.S. tariff threats are adding uncertainty—strong enough to keep businesses cautious, but not enough to derail growth or force a Bank of Canada rate move.
Key Takeaways 💡
1. Growth stays resilient: Canada’s economy continues to recover, with manufacturing, retail, and housing helping offset external trade headwinds.
2. Tariffs create uncertainty, not panic: Targeted industries face pressure, but the broader economy and the Bank of Canada are expected to remain on a steady course.
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Canadian stocks over the last 30 days (end June - July 2026)
The TSX had a relatively balanced month, with gains in financials, energy, and industrials offsetting weakness in select materials. Strong performers included Manulife (+8.69%), CNR (+7.58%), Canadian Pacific (+5.15%), Shopify (+4.85%), and Royal Bank (+2.63%), while energy names like CNQ and Suncor also posted solid gains. The biggest laggard was Agnico Eagle (-5.33%), with Brookfield (-1.74%) and TD (-0.59%) also finishing slightly lower. Overall, the market showed steady resilience, with broad-based gains outweighing a handful of commodity-related pullbacks.
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Thats it for this month!
The Wealth Awesome Team