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CANADA STOCKS-Toronto stocks dip ahead of USMCA review, gold stocks slide
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CANADA STOCKS-Toronto stocks dip ahead of USMCA review, gold stocks slide
Jun 29, 2026 7:57 AM

* Gold prices fall as dollar remains strong

* Trilateral USMCA review meet set to take place on Wed

* TSX set for eighth quarterly gain in a row

By Sruthi Shankar and Sudeshna Ghoshal

June 29 (Reuters) - Canada's main stock index fell on Monday

as caution ahead of a review of the U.S.-Canada-Mexico trade

agreement and weakness in gold miners offset relief from signs

of easing tensions in the Middle East.

The Toronto Stock Exchange's S&P/TSX Composite index

was down 0.33% at 34,865.17 points by 10:06 a.m. ET.

* Iran and the United States agreed to renew talks amid

rising tensions in the Strait of Hormuz, a U.S. official said on

Sunday, raising hopes of saving an interim peace deal that has

been under pressure from days of tit-for-tat strikes.

* Canadian officials are set to meet their Mexican and U.S.

counterparts on Wednesday for the first trilateral meeting to

review the U.S.-Canada-Mexico trade agreement. The three

countries need to approve a renewal of their existing agreement

or signal their ​intent to exit the pact.

* Oil prices were steady, with Brent crude trading

at above $72 a barrel after sharp falls recently.

* Gold miners stumbled 2.2% as the yellow metal

fell nearly against a stronger dollar.

* Broadly, a rally in commodity prices this year has helped

push the resource-heavy S&P/TSX Composite index to

record highs. The index is on track for its eighth consecutive

quarter of gains.U.S. President Donald Trump has said that the

United States would do better without the USMCA on trade.

* "Canada has been very much moving in a way with the

expectation that we perhaps do not renew the deal with the

United States," said Shiraz Ahmed, founder at Sartorial Wealth.

* "There is a good potential that we can come out of this as

a stronger entity. But in the meantime, there could be some pain

in the short term while this goes on."

* Key domestic data expected this week includes April's GDP

numbers and S&P Global's June manufacturing activity survey.

Meanwhile, traders expect the Bank of Canada to keep interest

rates on hold through most of the year but see about a 30%

chance of a 25-basis-point rate hike in December.

* Investors will also closely watch U.S. data, such as the

June non-farm payrolls report and factory activity surveys, for

cues on monetary policy outlook.

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