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 Friday at 36,381.23, up 244.92 points or 0.68%, sitting just 62 points below the August 4 record of 36,443.29. The rally came on the heels of Canada’s strong July jobs report, which added 75,000 positions and pushed unemployment down to 6.4%.
Last week in review
Friday’s Canadian employment data capped a week of divergent North American labour trends. While Canada added 75,000 jobs and saw its unemployment rate fall 0.1 percentage point to 6.4% — the lowest since July 2024 and the third consecutive monthly decline — US July payrolls came in at negative 23,000, well below the expected gain of 83,000. Despite the miss, the S&P 500 closed at a record 7,757.64 Friday. Market data as of the August 7, 2026 close.
Gold miners surged on Friday’s session, with Agnico Eagle and Wheaton Precious Metals each up 7%, and Barrick Mining climbing 5.5%. Meanwhile, the Canadian banks gave back modest ground, with RBC and TD each falling about 0.5%.
Average hourly wages in Canada rose 2.8% year over year in July, according to Statistics Canada’s report released Friday.
The week ahead
Wednesday, August 12 brings the week’s biggest scheduled market event: US July CPI data at 8:30am ET. Canada’s June building permits will also be released Wednesday. Thursday delivers US July PPI, and Friday rounds out the week with US July retail sales, the University of Michigan’s preliminary consumer sentiment reading, and Canadian data on June manufacturing sales and wholesale trade.
It’s a light earnings week on the TSX, with only small- and mid-cap names reporting. Chemtrade Logistics, TerraVest, and Sagicor Financial are scheduled for Thursday, August 13. Big-cap second-quarter season is essentially done.
Canadian bank earnings won’t arrive until the week of August 25, when Canada’s Big Six banks report their quarterly results. Canada’s July CPI follows on Monday, August 17.
The Bank of Canada has no rate decision this week. Its next announcement is September 2. The overnight rate currently sits at 2.25%.
What we’re watching
We’re watching how Wednesday’s US inflation data lands against Friday’s divergent jobs picture. Strong Canadian employment paired with weak US payrolls creates an unusual cross-border setup heading into the CPI release.
The strength in gold miners Friday suggests continued appetite for the metal even as the S&P 500 pushes to new highs. Whether that trend holds through the week could signal broader positioning shifts ahead of the inflation data.
Bank earnings later this month will be the next major TSX catalyst. With big-cap Q2 season now behind us and only small- to mid-cap names reporting this week, the August 25 bank reporting week will set the tone for the Canadian market’s late-summer trajectory.
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Whether you’re tracking inflation data, positioning for bank earnings, or exploring other investing apps for your portfolio, this week offers Canadian investors a clear calendar to plan around. Wednesday’s CPI release is the headline event, but the setup heading into late-August bank earnings is worth monitoring closely.
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. Data as of August 9, 2026.
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.
