Gold Hits $4,700, CAD Slumps on Tariffs, and META Setup

Markets opened Monday on the back foot as geopolitical friction and trade disruptions hit sentiment across the board. The sudden breakdown in U.S.-Canada trade talks triggered 50% tariffs on $20 billion of Canadian goods [1][2], while looming U.S. sanctions against Iran have kept crude volatile and equity traders cautious [3][4]. Equity index futures slipped lower heading into the session, with Nasdaq-100 and S&P 500 contracts dragged down by defensive positioning ahead of Nvidia's high-stakes earnings report and Kevin Warsh's upcoming Jackson Hole debut [5][6][7][8]. Underneath the equity softness, the macro story is dominated by a sharp divergence…