Canadian investors are sending record amounts of capital into US markets this year, despite trade disputes, boycotts, and declining cross-border travel.

According to Bloomberg, Canadians have poured $124bn into US stocks in 2025, putting flows on track for the largest yearly inflow since at least the 1990s.

Fortune reported that between January and May alone, Canadian investors purchased $59.9bn in US debt and equities — the highest year-to-date tally in more than three decades.

Over the same period, net foreign investment in Canadian securities dropped by $18bn

This buying spree has come even as Canadian equities outpaced US performance.

He wrote that Canadians “seemingly failed to employ a ‘buy Canadian’ (or ‘sell American’) philosophy in their own portfolio dealings,” even as US liquor was pulled from Canadian stores and tourism dwindled.

He said, “The US boycott is an emotional thing, not an economic thing,” explaining that Canadians may choose not to buy American products, but financial advisors managing portfolios are not guided by emotion.

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