📈 New All-Time High!

Hello, my Friends!

Markets were buzzing today as a wave of explosive headlines hit the tape - this time stemming from rising trade tensions between Canada and the U.S.

📈 Despite the noise, Wall Street found early relief as fresh inflation data showed signs of remaining subdued - fueling renewed optimism that the Fed may cut rates in the months ahead.

🌊 That sentiment helped push the S&P 500 to break its previous all-time high from February, even as tariff fears loomed. But let’s not mistake it for smooth sailing. This was your classic short-seller liquidity sweep, followed by a textbook trap-and-reversal setup.

🔍 With both Nasdaq and S&P 500 charging into fresh record territory, traders are now asking: “Is this the start of a new leg higher into Q3 - or will the market consolidate and search for balance before its next move?”

Here’s what ignited the intraday volatility and renewed sell-side pressure:

Trump compared Canada’s move to the EU’s digital tax and declared the immediate termination of all ongoing trade negotiations, promising retaliatory tariffs within the week.

Within minutes, we saw intra-day sell pressure spike, particularly in tech and industrials, as algo desks reacted to the escalation in rhetoric. Traders should remain cautious - headline volatility remains a key driver.

What to watch next?

Before we dive into the charts, let’s step back and explore one of the most underrated powerhouses in global trade: the economic alliance between Canada and the United States.

This isn’t just about cross-border shopping and maple syrup - it’s a deeply integrated economic lifeline that fuels both nations' GDP.

📦1. $2 Billion+ a Day
Over $2 billion worth of goods and services move across the border daily - roughly $1.4 million every minute. That’s trade velocity on steroids.

🛻 2. The Longest, Busiest Border on Earth
The Canada-U.S. border is the world’s longest international boundary, mostly unfenced - yet 5,000+ trucks cross daily at just one point.

🛢️ 3. The U.S. Energy Plug Is North
Forget OPEC - Canada is America’s #1 supplier of oil, natural gas, and electricity. Over 60% of U.S. crude imports come from north of the border.

🧀 4. From Cheese Wars to Ketchup Tariffs
Yes, this friendship has seen quirky trade wars: 400% tariffs on dairy, endless softwood lumber disputes, and even a spat over ketchup and maple syrup.

🌽 5. Agriculture Flows Both Ways
Canada ships out beef, canola, and wheat, while importing Florida tomatoes, Midwest corn, and soybeans - filling each other’s grocery shelves year-round.

💻 6. Services Trade is Quietly Exploding
It’s not just goods. Canada is a major buyer of U.S. software, while exporting services from Shopify, CGI, and other tech giants back to the States. Digital trade is booming.

🚘 7. One Car, Two Countries
Auto parts cross the border up to 7 times before a single vehicle is fully assembled. The supply chain is North American, not national.

📈 8. 75%+ of Canadian Exports Go to the U.S.
Over three-quarters of Canada’s exports head south - to power U.S. homes, build planes, and even support hospitals. That’s deep dependency..

U.S. and Canadian economies are tightly woven together. Disruption here isn’t just a blip - it’s a macro event with real supply chain and GDP implications. That’s why price reacts swiftly - because the market knows: these two countries need each other to thrive.

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Until next time,
Steve B
Founder, The Daily Impulse

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