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Index Update: The S&P/TSX Composite Index rose 0.4% to settle at 26,609 on Monday, as investors looked past the threat of a larger Middle East conflict following Iran's measured missile assault.
Macro Update: Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Statistics Canada released a report showing retail sales climbed by 0.8 percent in March, led by increases at motor vehicle and parts dealers.
Top Movers: gold producers Agnico Eagle, Wheaton Precious and Barrick Gold rallied more than 1.0% apiece on sustained bullion strength. Technology heavyweight Shopify led all gainers with a 3.5% jump after exceeding subscriber estimates, while Brookfield and Thomson Reuters rose over 1.0% on renewed M&A momentum.
Our Stance: The index is currently testing a key support zone around 26,400 holding above this level is crucial to sustain the uptrend. A break below could prompt a pullback, with the next support levels seen at 26,000 and 25,700 on the daily chart
Commodity Update: The U.S. dollar weakened Tuesday as risk appetite improved after President Trump announced a ceasefire between Israel and Iran, ending a 12-day conflict. The Australian and New Zealand dollars rose in response. Gold fell 0.83% to $3,366.60, silver dipped 0.25% to $36.11, while copper increased 0.11% to $9,682.30. Brent crude sliped 3.2% to $69.20, driven by easing geopolitical tensions.
Technical Update: On Monday, the S&P/TSX Composite Index climbed 111.79 points, or 0.42%, to settle at 26,609.36. The advance was supported by robust trading volumes, signaling continued investor confidence. Leading the charge, the technology sector surged 1.94%, reflecting renewed optimism in the space. From a technical perspective, the index maintains a bullish stance, comfortably positioned above its 21-period Simple Moving Average (SMA). The Relative Strength Index (RSI) stands at 67.90, indicating strong momentum with potential for further gains. The index is currently testing a key support zone around 26,400 holding above this level is crucial to sustain the uptrend. The break below could prompt a pullback, with the next support levels seen at 26,000 and 25,700 on the daily chart.
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