Canada Daily Briefing

GOLD dropped $1.83 to $38.73, a 4.51% single-session decline that stands out even if spot gold held relatively steady. The move signals a squeeze on gold-equity risk premium rather than a metals sell-off — investors trimming levered exposure to bullion producers ahead of upcoming BoC commentary and USD strength. Watch for whether ABX.TO confirms the same magnitude on Monday; if it does, the gold-equity unwind has legs into quarter-end rebalancing.

Shopify closed at $100.28, up 2.94%, reclaiming the psychologically significant $100 handle and pulling the Canadian tech sector to the top of the leaderboard. With the broader TSX deep in the red, SHOP's divergence suggests institutional rotation into large-cap domestic tech as a tariff-agnostic alternative to resource names. If CAD stabilizes near 0.72 USD this coming week, SHOP's USD-denominated revenue story gets a further tailwind from currency translation.

CP Rail fell to $85.07 (-$1.83) and Enbridge slid to $55.31 (-$0.91) in a coordinated sell-off of Canadian infrastructure names that typically attract defensive flows. The dual decline points to duration-sensitive selling — long-dated asset valuations under pressure as the market reprices BoC rate-cut timing further out. With BAM also off 3.04%, this reads as institutional de-grossing of the Canadian 'bond-proxy' trade, not a company-specific event — expect the theme to persist if next week's Canadian CPI print comes in hotter than the 2.7% consensus.