The Toronto Stock Exchange heads into Monday’s reopening with a familiar late-December cocktail: thin liquidity, big commodity moves, and geopolitics that refuses to stay politely off the trading floor. After a holiday-interrupted stretch that left markets quiet but not calm, investors will be weighing whether the TSX’s 2025 leadership—powered by metals and financials—still has fuel, or whether energy’s headwinds and a firmer Canadian dollar start to bite.