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