2026.02.2313:30:40UTC+00TSX Dips on US-Canada Trade Uncertainty

Futures tied to the S&P/TSX Composite Index slipped on Friday as traders weighed continued uncertainty over US trade policy and its implications for the Canadian economy. Although a recent US Supreme Court decision curtailed the administration’s broad authority to impose tariffs, critical sector-specific duties on steel, aluminum, and autos remain in place, keeping sentiment cautious around Canada–US trade relations and the risk of future levies. Ambiguity over whether new tariffs could still be introduced under alternative legal frameworks is adding to investor unease, particularly in Canada’s export-driven industries.

Gold extended its rally for a fourth consecutive session, with rising geopolitical tensions and tariff worries boosting safe-haven demand and providing support to mining stocks. Oil prices also moved higher, easing some pressure on the energy sector. On the corporate front, Emera posted earnings that exceeded market expectations, while NexGen Energy is scheduled to report after the close, contributing to a busy earnings calendar.