Enbridge ( TSX:ENB ) trades near $53 at the time of writing compared to $59 at the high point in 2022. As with CIBC, the stock started to recover from the 2023 losses in the fall last year as market sentiment shifted from fears of additional rate hikes to expectations for cuts in both Canada and the United States. The U.S. Federal Reserve hasn't reduced its target rate yet this year, but markets are pricing in a cut as early as next month, and several more reductions are anticipated heading into 2025.