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Index Update: Canadian stocks moved to the downside early in the trading day on Friday but rebounded over the course of the session. The benchmark S&P/TSX Composite Index climbed well off its early lows before ending the day up 25.94 points or 0.1 percent at 25,879.95.
Macro Update: Statistics Canada released a report showing retail sales climbed by 0.8 percent in March, led by increases at motor vehicle and parts dealers. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, edged up by 0.2 percent in March.
Top Movers and Losers: The best performers of the session on the S&P/TSX Composite were Energy Fuels Inc. (TSX: EFR), which rose 18.08%. Meanwhile, NexGen Energy Ltd. (TSX:NXE) added 13.49% and Denison Mines Corp (TSX:DML) was up 11.59%. The worst performers of the session were Tilray Inc (TSX:TLRY), which fell 3.23%. BlackBerry Ltd (TSX:BB) declined 3.18% and Shopify Inc (TSX:SHOP) was down 2.57%.
Our Stance: From a technical standpoint, the index remains bullish, trading comfortably above its 21-period Simple Moving Average (SMA). The Relative Strength Index (RSI) is at 66.38, indicating solid momentum with room for further upside. The index is currently testing a key support level near 25,600. Holding above this threshold is important to sustain the upward trajectory. A break below could trigger a retracement, with the next levels of support seen at 25,300 and 25,100 on the weekly chart.
Commodity Update: The euro and U.S. dollar rose against the yen and Swiss franc after Trump extended the EU tariff deadline to July 9, easing tensions. Gold fell 0.55% to $3,375.89, silver rose 0.22% to $33.682, and copper gained 0.82% to $4.8763. Brent crude edged up 0.02% to $64.22 in Asian trading, though gains were limited due to ongoing concerns about a potential OPEC+ production increase in July.
Technical Update: On Friday, the S&P/TSX Composite Index advanced 25.94 points to close at 25,879.95, marking a 0.10% gain. The move was underpinned by strong trading volumes, reflecting continued investor confidence. The basic materials sector led the gains with a 1.31% increase, highlighting renewed optimism in the space. From a technical standpoint, the index remains bullish, trading comfortably above its 21-period Simple Moving Average (SMA). The Relative Strength Index (RSI) is at 66.38, indicating solid momentum with room for further upside. The index is currently testing a key support level near 25,600. Holding above this threshold is important to sustain the upward trajectory. A break below could trigger a retracement, with the next levels of support seen at 25,300 and 25,100 on the weekly chart.
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