Despite several challenges, including geopolitical tensions, trade wars, and inflationary pressures, the TSX Composite Index has risen 13% so far in 2026. A rising market changes the challenge for investors. When Canadian stocks are soaring, the question is no longer simply where to find bargains — it’s how to participate in the rally without paying up for businesses whose share prices have run ahead of their fundamentals.
In this article, I’ll spotlight two top Canadian stocks and explain why I’d consider them for getting in on the bull run right now.
Source: Getty Images
Shopify stock
If I wanted growth exposure while Canadian stocks are soaring, Shopify (TSX: SHOP) would be one of my first choices.
As a commerce platform provider, it helps merchants sell online, in stores, and across other channels. At the time of writing, SHOP stock traded at $194.62 per share with a market cap of $250 billion. Despite some recent volatility, the stock has climbed 18% over the last six months. However, it remains down 12% year to date and trades about 23% below its 52-week high.
What makes Shopify even more interesting is the strength of its underlying business. In the second quarter, the company’s gross merchandise volume jumped 32% year over year (YoY) to US$115.6 billion. Shopify’s quarterly revenue surged 34% YoY to US$3.6 billion with the help of a 37% increase in its merchant solutions revenue and 22% growth in subscription solutions revenue.
Adding to the optimism, growth is also resulting in better profitability and cash generation. The tech firm’s gross profit in the latest quarter climbed 31% YoY to US$1.7 billion, while its operating income soared 68% from a year ago. Similarly, Shopify’s free cash flow jumped about 55% to US$654 million, pushing the free cash flow margin up to 18% from 16%.
The company is now expanding its use of artificial intelligence (AI), along with broad growth across merchant sizes, sales channels, and geographies, which could support further expansion. These factors make Shopify look like an attractive way to participate in the bull run while the stock remains well below its 52-week high.
Cameco stock
For another way to get in on the Canadian bull run, you can consider investing your hard-earned savings in Cameco (TSX: CCO).
Headquartered in Saskatoon, this company mainly supplies uranium and nuclear fuel services and also owns an interest in Westinghouse. CCO stock currently trades at $133.79 per share with a market cap of about $58 billion. Its shares have gained 26% over the last year, although they have pulled back 14% over the last three months.
The main reason behind Cameco’s recent pullback could be its softer latest quarter results, even as its longer-term growth story remains intact. The company’s second-quarter revenue declined 7% YoY to $814 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 42% to $391 million. The weaker comparison mainly reflected lower Westinghouse equity earnings, normal quarterly delivery variations, and lower planned 2026 uranium sales volumes.
Nevertheless, one bright spot in Cameco’s latest results was uranium pricing, as its average realized uranium price increased 15% YoY to $93.13 per pound.
More importantly, the company continues to see strong long-term nuclear industry fundamentals. It expects attributable uranium production of 19.5 million to 21.5 million pounds in 2026. Cameco also has contracts covering average annual deliveries of more than 28 million pounds over the next five years. Those growth drivers make Cameco an attractive stock to participate in the bull run despite some near-term earnings volatility.
