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Index Update: Canadian stocks recovered from early weakness to end Tuesday's trading modestly higher, extending the upward move seen in the previous session. The benchmark S&P/TSX Composite Index inched up 37.68 points or 0.1 percent 26,426.64, reaching another new record closing high.
Macro Update: The Paris-based firm said the outlook across the globe has become challenging due to rising trade barriers and policy uncertainty, which is weighing on consumer confidence and blocking investments. The Organization for Economic Co-operation and Development has lowered its global growth forecast for 2025 to 2.9 percent from 3.1 percent. The U.S Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April. The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.
Top Movers: The biggest gainers of the session on the S&P/TSX Composite were Algonquin Power & Utilities Corp (TSX:AQN), which rose 16.03% or 1.18 points to trade at 8.54 at the close. Energy Fuels Inc. (TSX:EFR) added 14.37% or 0.96 points to end at 7.64 and Denison Mines Corp (TSX:DML) was up 11.06% or 0.23 points to 2.31 in late trade.
Our Stance: Strong trading volumes reinforced investor confidence, with the utilities sector leading the rally yesterday. The index is currently testing key support near 26,150. Holding above this level could pave the way for continued gains. Conversely, a break below may lead to a pullback, with critical support zones between 25,900 and 25,700. Sustaining above these levels will be vital to preserving the bullish outlook in the near term.
Commodity Update: The dollar edged lower on Wednesday ahead of key U.S. employment data and trade negotiations led by President Trump. A Wednesday deadline loomed for countries to present trade offers, coinciding with a tariff hike on steel and aluminium. Meanwhile, gold rose 0.34% to $3,380.50, silver gained 0.30%, and copper climbed 0.17%. Brent crude inched up 0.10% to $65.58 amid rising OPEC+ output and global economic concerns.
Technical Update: The S&P/TSX Composite Index posted modest gains on Tuesday, closing up 37.68 points at 26,426.64, a 0.14% increase. Strong trading volumes reinforced investor confidence, with the utilities sector leading the rally, advancing 1.10% amid improving market sentiment. From a technical perspective, the index remains in a bullish setup, trading comfortably above its 21-period Simple Moving Average (SMA). The Relative Strength Index (RSI) at 72.47 indicates strong momentum. The index is currently testing key support near 26,150. Holding above this level could pave the way for continued gains. Conversely, a break below may lead to a pullback, with critical support zones between 25,900 and 25,700. Sustaining above these levels will be vital to preserving the bullish outlook in the near term.
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