Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
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The TSX closed out a wild week essentially flat, finishing Friday at 35,369.10—just 29 points above the prior week’s close. But the journey was anything but calm.
Monday saw a sharp selloff to around 34,960 as Canadian bank stocks fell between 1.9% and 2.6% while U.S.-Iran tensions pushed oil prices and bond yields higher, despite softer-than-expected June CPI data (headline 2.8% vs. consensus 2.9%, down from 3.2% in May). Tuesday delivered a 1.2% rebound led by gold miners—Wheaton Precious Metals surged 6.7%, Barrick Mining gained 4.6%, Agnico Eagle climbed 4.3%, and Franco-Nevada added 4.1%. Wednesday brought a fresh all-time intraday high at 35,485. Thursday reversed sharply, down 0.82% to 35,193 as Middle East escalation pushed WTI crude above US$90 and tech stocks sold off. Friday delivered a broad recovery across every sector except energy, with Brent crude falling roughly 4% to US$96.78, August gold futures climbing US$20.60 to US$4,070.80 per ounce, and financial heavyweights BMO, Scotiabank, and Brookfield each gaining more than 0.5% on lower bond yields.
All prices are as of Friday, July 24, 2026 market close.
Notably, the TSX finished the week flat while all three major U.S. indexes posted weekly losses—the Nasdaq fell 2%. That divergence is worth watching as investors consider where to deploy capital next.
Last week’s earnings delivered mixed signals. Rogers reported Q2 results, Teck Resources exceeded expectations, and CN Rail beat estimates with raised full-year guidance. As we head into the final week of July, Q2 earnings season continues—and one major energy name takes center stage.
Cenovus Energy Reports Wednesday
Cenovus Energy will release Q2 2026 results on Wednesday, July 29. Given the wild swings in oil prices over the past week—WTI topping US$90 mid-week before retreating—investors will be watching margins, production volumes, and capital discipline closely. Energy stocks have been among the most volatile performers on the TSX this month, and Cenovus is a bellwether for the Canadian oil patch.
Bulls will watch for: production growth, disciplined capital allocation, and commentary on oil price outlook given ongoing Middle East supply concerns.
Bears will watch for: margin compression if input costs rose faster than realized prices, any production disruptions, and cautious guidance in case oil prices fall back from recent highs.
More Earnings on Deck
Agnico Eagle releases Q2 2026 results after market close Wednesday, July 29, with a conference call scheduled for Thursday morning at 11:00am EDT. Canadian gold miners have been among the month’s best performers, and Agnico’s results will provide insight into how producers are capitalizing on gold’s strength above US$4,000 per ounce. Imperial Oil reports Q2 2026 results Friday morning, July 31—another key read on the Canadian energy sector as oil prices remain elevated but volatile.
No Bank of Canada Decision This Week
The Bank of Canada is not meeting next week. The last decision was July 15 (held at 2.25%), and the next scheduled decision is September 2. That removes one major catalyst from the calendar, leaving earnings and external factors—particularly oil and gold prices—as the primary drivers.
While the BoC is quiet, the U.S. Federal Reserve’s FOMC meets Tuesday–Wednesday, July 28–29, with the rate decision coming Wednesday, July 29 at 2:00pm EDT. The federal funds rate currently stands at 3.50%–3.75%. This is a non-SEP meeting—no updated economic projections or dot plot—but the Fed’s statement and press conference can move the Canadian dollar, bond yields, and rate-sensitive sectors on the TSX.
What Investors Should Watch
Oil volatility remains the dominant theme. Brent crude fell 4% Friday but is still well above where it started the month. If geopolitical tensions ease further, energy stocks could give back gains. If supply concerns intensify, oil could retest recent highs—and take the TSX with it.
Gold’s continued strength is the other notable trend. August futures closed Friday above US$4,070 per ounce, and Canadian gold miners have been among the best performers this month. If inflation concerns persist or bond yields stay elevated, gold could extend its run.
The TSX’s best stocks have shown resilience this earnings season, but the index’s ability to hold near its record high depends heavily on how the commodity cycle plays out in the weeks ahead.
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Bottom Line
The week ahead brings Cenovus earnings, continued commodity volatility, and the ongoing flow of Q2 results across the TSX. With no central bank decisions on the calendar, investor attention will stay focused on corporate performance and external risk factors. For Canadian investors looking to add exposure, investing apps like Questrade make it easy to act on opportunities as they emerge.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.
Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.
