MARKET MOVES
The Bank of Canada and the U.S. Federal Reserve each trimmed rates by 25 basis points in September. Some traders and even prediction markets thought there was a chance of a bigger 50-point move. Instead both North American central banks stuck with caution. Rate cuts can help stimulate markets over time, though bumps along the way are normal.
NEWTON’S LAW
Bank of Canada (BoC) Governor Tiff Macklem used a speech in Saskatchewan to underline that Canada’s trade challenges are bigger than any one leader. He pointed out that the turn away from globalization started well before Donald Trump’s presidency and has been building for more than a decade. His speech took us back pointing to the 1990s and 2000s, when trade was growing faster than the world economy.
Those years gave a boost to economies everywhere, but trade has been losing momentum since 2010. Macklem mentioned how state-backed firms carry powerful advantages, and Canada has felt the sting directly through China’s ban on Canadian canola, which remains our single largest trade hit.
Meanwhile, U.S. markets and the dollar still dominate globally, but large deficits and rising protectionism raise questions about the future of that dominance. The BoC governor's message was straightforward. Although the U.S. has responded with higher tariffs, now at levels we haven’t seen since the 1930s.
Canada cannot simply wait this out or blame things on Donald Trump. He noted the country should have started adapting 15 years ago and that further delay only adds risk.
Takeaway: History shows that tariff wars made the Great Depression worse. Canada can avoid falling into such a trap by adapting early and building new partnerships.
SIGNAL VS. NOISE
Gold leads, Bitcoin follows
People often watch how money moves between familiar assets like gold and newer digital ones like Bitcoin.
This year gold has climbed steadily, supported by uncertainty in global markets and demand for risk off safe havens. You can clearly see in the above chart Bitcoin has historically lagged gold’s rallies by a few months before at times catching up and in some cycles surpassing it.
That pattern is worth watching again in Q4. Bitcoin is now close to overtaking silver in total market capitalization, which would place it among the most established stores of value worldwide. Gold has centuries of history as money, while Bitcoin is still just over a decade into proving its role.
The two assets respond to different investor bases, different regulations, and very different levels of volatility. Bitcoin’s recent climb alongside gold should not be read as proof of future performance but as another example of how money moves in cycles.
IN OUR ORBIT
GRAVITY GAUGE
Token movers in September
⬆️ Solana (SOL): Closed Q3 strong on payments and DeFi momentum.
⬆️ Ethereum (ETH): Gained mid-month as staking and scaling upgrades drew flows.
⬆️ Bitcoin (BTC): Held steady as the anchor asset, finishing September ahead of silver in market cap terms.
⬇️ Ripple (XRP): Gave back part of its summer rally as court headlines cooled.
⬇️ Dogecoin (DOGE): Slid as meme-token interest slowed. This past month showed how quickly capital rotates, from Bitcoin to Ethereum to Solana and from gold to crypto. Canada’s challenge is the same: adapt early or risk falling behind. Discover our new crypto guides, or share them to help family and friends stay informed, not influenced, as they get started.
