A blowout jobs report pushed Canadian equities to a fresh high. A widening Iran conflict pushed oil and gold to their own. Friday's US retail sales miss cracked one of those stories without touching the other.

A blowout Canadian jobs report and a shock US payrolls miss sent the TSX and S&P 500 to record highs this week, pushed gold to a two-month high, and knocked Brent crude down more than 7%, even as the Strait of Hormuz shipping deal stayed stalled in Iran's parliament.

No single law created it and no single name describes it. On the day markets close for Civic Holiday, a look at how a nineteenth century municipal habit became a coast to coast tradition, and where the TSX stood heading into the break.

A week spent showing Hormuz traffic recovering and the Bank of Canada holding steady ended with tanker strikes, a 19-year Treasury yield high, and a TSX decline that tracked neither.

Between Wednesday's TSX record and Friday's oil reversal, a bigger story took shape: the Federal Reserve and the Bank of Canada are now pulling in opposite directions, and a fifty percent tariff lands in the gap between their next two decisions.

Gold's failure to rally on the biggest escalation of the US-Iran war in weeks is not a fluke. It is the clearest sign yet that oil-driven inflation fear, not geopolitical fear, is now setting the price of the safe-haven trade, and Canadian portfolios showed the same pattern in miniature on Friday.

Brent crude gained about 5 percent after simultaneous strikes on Bahrain, Kuwait, Qatar and Jordan, a fraction of the surge that followed the war's opening moves in February. The TSX closed the week near its highs anyway.

WTI crude fell for a fourth straight week to its lowest close since the Hormuz disruption began, yet the Canadian dollar strengthened over the final two sessions. Gold miners, not energy, carried the TSX toward a record.

On Canada Day, the two institutions Canadian advisors rely on every working day both hit milestones this spring. The CPP Fund crossed $793 billion. Cumulative TFSA room reached $109,000. Both were built here, and the system they belong to is quietly among the most complete in the developed world.

WTI and gold have both round-tripped the entire Strait of Hormuz risk premium, but the Canadian dollar sits near its weakest level in the available 2026 trading record for a reason that has nothing to do with the war.

One hundred days into a war that has paralyzed the world's most important energy chokepoint, the Canadian financial landscape has been reshaped in ways that the reopening of the Strait of Hormuz will not fully undo.

Five days, three simultaneous frameworks, and a TSX that ended the week higher than it started. What changed in the analytical picture, and what advisors need to carry into June.

S&P 500 +3.6%, Nasdaq +4.7%, Dow +3%. Best weekly gain since November, snapping a five-week losing streak. S&P closed Friday at 6,816.89, Nasdaq at 22,902.89, Dow at 47,916.57.

The ceasefire cycle ran its full course in four days. Markets rallied Tuesday and Wednesday on Trump's claim that Iran requested a ceasefire, then reversed hard Thursday morning after his prime-time a