Up until Donald Trump announced his 90-day entry ban announcement on travelers and green card holders from seven Middle East and African countries, the Canadian stock market had been on a tear.
Between Jan. 1 and Jan. 27, 2016, the day the ban was announced, the S&P/TSX Composite Index was up 28 percent in U.S. dollar terms versus 14 percent for the S&P 500. Year-to-date it had climbed by 3.3 percent, or nearly two percentage points higher than America's benchmark.
As well, more than $1.3 billion had been invested in the iShares MSCI Canada ETF in 2016, the most new money of any non-U.S. country fund last year.
Since the announcement, though, the market has pulled back, falling by 0.2 percent in USD terms and 1.1 percent when currency isn't factored in. While that's only a mild drop, it's the market's biggest decline in a month.
Could Trump's executive orders and other policies be impacting the country? It's possible, says Bob Sewell, CEO of Oakville's Bellwether Investment Management.