Podcast
Trump, Davos and Greenland
Will Simpson and Roman Cannell
January 23, 2026
Positioned for uncertainty in a changing world.
Markets had a choppy feel this week, but for Canadian investors it was actually a pretty decent outcome. Global equity markets were mostly down on the week in CAD terms, with the S&P, Nasdaq, Europe and Japan all finishing in the red, while the TSX quietly eked out a small gain. The real story was the currency, though. The CAD climbed significantly against the USD this week, over a penny, with a lot of it coming on Friday. Anyone with hedged exposure this week was certainly happy.
Zooming out, it felt like a year’s worth of headlines crammed into a holiday-shortened week. Markets were rattled early by renewed noise around U.S. and Europe trade relations tied to Greenland, with tariff threats quickly pushing yields higher and equities lower. Mark Carney’s speech cut through some of that, emphasizing economic resilience and the risks of letting political theatre spill into long-term capital decisions.
Gold and silver stole the spotlight again as investors looked for safety and diversification. Analysts are already raising their targets for the year. Bonds took it all in stride, with yields finishing only modestly higher despite the volatility.
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Enjoy the weekend and stay warm!
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