FX.co ★ TSX Edges Lower

On Tuesday, the S&P/TSX Composite Index experienced a decline of approximately 0.1%, slipping below the 26,590 level. This downturn was primarily due to pressure on Toronto's resource-heavy sectors, as investors absorbed new inflation data. The second consecutive drop in oil prices, influenced by President Trump’s unexpected Israel-Iran ceasefire announcement and Iran’s limited missile strike on US bases in Qatar, neither of which affected the flow through the Strait of Hormuz, led to losses in the energy sector. Key players such as Canadian Natural, Suncor, Imperial Oil, and Cenovus saw declines ranging from 0.7% to 1.4%. Concurrently, the easing of safe-haven demand caused gold prices to fall, affecting major mining companies like Agnico Eagle, Wheaton Precious, Barrick Gold, and Franco-Nevada, with these stocks dropping between 2.6% and 3.5%. Economically, Canada's Consumer Price Index (CPI) remained steady at 1.7% year-on-year in May, beneath the Bank of Canada's 2% target for the second consecutive month, further supporting the view that domestic inflation pressures are currently modest.