FX.co ★ TSX Edges Higher on Wednesday

The S&P/TSX Composite Index saw an increase of 0.3%, closing at 26,972 on Wednesday. This growth was primarily driven by a temporary reduction in US-Canada trade tensions and a recovery in gold prices that bolstered Canada's major mining companies. The Trump administration's decision to delay the implementation of tariffs originally set for August 1st—despite introducing 50% duties on copper and considering future tariffs on semiconductors and pharmaceuticals—provided Canadian exporters with crucial time to renegotiate contracts and stabilize logistics. Additionally, President Trump's pledge to inform the European Union of a reduced baseline tariff rate, while acknowledging that discussions are "progressing well," contributed to calming market concerns. Leading the market's upward movement were mining titans such as Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, which saw rises between 0.9% and 2.5%. Major banks and energy companies also contributed to the positive trend. Domestically, the June IVEY Purchasing Managers Index (PMI) rebounded into expansion at 53.3, highlighting the strength and resilience of private sector activities.