Canada’s trade surplus widened in June to C$3.9 billion as exports edged up and imports slipped, marking the fourth straight month in surplus.

Energy exports fell about 10% on lower prices, offsetting gains in other sectors.

Among 11 export sectors, six posted higher values, led by metal and non-metallic minerals, with unwrought precious metals up 27.9%.

Uncertainty from U.S.-Iran peace talks could weigh on market sentiment to some extent.

U.S. stock indices advanced to intraday or record highs, helped by lower oil prices, lower bond yields, and optimism around Middle East peace talks.

Potential U.S. tariff changes are expected to keep a relatively stable backdrop in 2026, limiting headwinds versus 2025.

Gold prices firmed as oil softness eased inflation fears, with spot around $4,088 per ounce and nearby futures near $4,146.

Analysts expect continued volatility in trade patterns due to tariff and exchange-rate shifts, with possible front-loading of imports before tariff hikes.

Materials shares rose about 4.7% as gold, silver, and platinum prices climbed, lifting names like Americas Gold and Silver and Perpetua Resources.

Technology stocks climbed about 4.1%, buoyed by optimistic AI-related outlooks from Caterpillar and Palantir, mirroring a broader market rally.

TD Economics noted Q2 2026 rebound but warned exports may moderate in Q3 amid tariff reviews under the Canada-U.S.-Mexico Agreement and new tariffs.

Adjusted for price changes and gold volatility, net trade contributed about 4 percentage points to Q2 GDP growth, supporting a rebound after prior weakness.