TSX Breaks 32,000; Aritzia Soars & The Venezuela Oil Shock
Billion-Dollar Boutiques & The Heavy Oil Shakeup
Welcome to the first full week of 2026!
If you thought the momentum of 2025 was a fluke, the market just sent a loud message. The TSX Composite Index (Canadian stock market) officially crossed the 32,500 mark last week, closing Friday at a record 32,612.93.
But while Bay Street celebrated a historic milestone, the energy sector and the Canadian Dollar were busy navigating a geopolitical earthquake… one that saw the "Loonie" hit a nine-day losing streak as the situation in Venezuela sent shockwaves through the oil patch.
Here is the full breakdown for Jan 5 – 9, 2026:
📈The Daily Market Flow
The week was a classic "climb the wall of worry." Despite a significant mid-week dip in energy, a powerful rally on Friday pushed the index to a total weekly gain of 2.3%.
Monday, Jan 5 (+1.06%): Market Resilience. Gains in Gold and Materials surged to offset a brutal -3.6% crash in the Energy sub-index following the Venezuela news.
Tuesday, Jan 6 (+0.58%): The Milestone. The TSX officially broke and held above the 32,500 level for the first time in history, signalling massive psychological strength.
Wednesday, Jan 7 (-0.84%): The Reality Check. Energy stocks dragged the broader index lower as the "Venezuela Supply" narrative intensified and traders took early profits.
Thursday, Jan 8 (+0.76%): The Great Recovery. Recouping mid-week losses, the TSX was driven by a resurgence in Energy stocks as oil prices "zig-zagged" back up.
Friday, Jan 9 (+0.72%): Record Close. A "Goldilocks" jobs report (steady hiring [+8,200] without the inflationary pressure of a wage spike [cooling to 3.4%] ) gave investors the green light to push the TSX to its final all-time high of 32,612.93.
🛢️ Focus: The Venezuela Vortex & The Loonie’s Slump
The biggest headline this week was the U.S. military operation in Venezuela. While oil prices (WTI) rose slightly to $59.12/bbl, the Canadian "Heavy Oil" patch and the Loonie took a direct hit.
The Knee-Jerk Reaction: Shares in Cenovus (-8.7%) and CNQ (-8.0%) tumbled on Monday (Jan 5). Investors panicked that a U.S.-controlled Venezuela would flood Gulf Coast refineries with cheap heavy crude, displacing Alberta’s market share. While both stocks eventually clawed back some ground to close down roughly 5-6%, the initial shock wiped billions in market cap off the TSX energy sector in a matter of hours.
The Currency Hit: The Canadian Dollar extended its losing streak to nine consecutive days, ending the week at roughly 71.8 cents US. The "Loonie" is acting as a pressure valve for energy fears; when traders worry about the long-term competitiveness of Canadian oil, they sell the currency.
The Strategic Shift: This event has made "market diversification" a national priority. Prime Minister Mark Carney’s trip to Beijing this week (Jan 13) and the push for new B.C. pipeline capacity highlight the urgency: Canada can no longer rely on the U.S. as its only "Heavy Oil" customer.
The Reality: Experts (including Eric Nuttall) called the Monday sell-off a "massive overreaction." Venezuela would need an estimated $100 billion and a decade of work to fix its decayed infrastructure. For now, Alberta’s reliability remains its greatest moat.
👷 The Jobs Report: A Tale of Two Canadas
Friday’s Labour Force Survey was a fascinating look at our shifting economy. While the headline says we added 8,200 jobs, the "unemployment spike" to 6.8% (up from 6.5%) is what's actually grabbing the headlines.
The "Participation Spike": The rate rose primarily because 81,000 new people entered the labour market to look for work.
The "Why" Behind the Search: This usually means one of two things: either people are feeling optimistic enough to re-enter the hunt… or, more realistically, those holiday bills are forcing a search for extra income as pandemic-era savings finally run dry.
The Age Gap: We are seeing a major divide. Employment among seniors (55+) rose by 33,000, while youth employment fell by 27,000. It seems the "Freedom 55" dream is being deferred as older Canadians re-enter the workforce to combat the rising cost of living.
Full-Time vs. Part-Time: Canada added 50,000 full-time jobs, while part-time work fell by 42,000. This suggests businesses are still hiring for core, long-term roles despite the 2.25% interest rate floor.
🛍️ Corporate Hero: Aritzia’s First Billion-Dollar Quarter
On Thursday evening, Aritzia (ATZ-TO) didn't just report earnings; they made history.
The Headline: For the first time ever, Aritzia delivered a billion-dollar quarter, with net revenue hitting $1.04 billion (up 42.8% YoY).
The U.S. Takeover: U.S. revenue surged 54%, now accounting for 59.7% of their total business. Aritzia is no longer just a "Canadian success story", it’s a North American powerhouse.
The "App" Effect: Their newly launched mobile app saw 1.4 million downloads, becoming the #1 shopping app in both Canada and the U.S. on launch day and driving a 58% increase in e-commerce revenue.
Market Reaction: The stock remains the "darling" of the TSX, as they raised their full-year revenue outlook to as high as $3.64 billion.
Stock Move: After a 118% gain last year, Aritzia's strong guidance suggests the "boutique expansion" model still has plenty of runway in 2026.
📅 Looking Ahead: The Jan 28 Countdown
The TSX is at 32,000… now what? Investing at all-time highs feels risky without a plan. Between record-breaking stocks, the Venezuela Dip, and the new 2026 tax limits, the noise is louder than ever.
The BoC Watch: Mark your calendars for Wednesday, January 28. The Bank of Canada is widely expected to hold rates at 2.25%, but all eyes will be on Governor Macklem’s tone regarding the loonie’s recent slump.
The New Room: Your $7,000 TFSA room for 2026 is now live, and the 2026 RRSP limit has officially climbed to a max of $33,810. If you're a high-earner, this is your green light to shield even more of your income from the CRA this year.
The March 2 Deadline: You have until Monday, March 2, 2026, to contribute to your RRSP and have it count against your 2025 taxes.
[Click here to schedule a "2026 Investment Roadmap Session"].
We’ll map out exactly how to deploy your new TFSA/RRSP room without "buying the top," ensuring your strategy is built for long-term growth, not just short-term hype.