Canadian stocks gave a silent closing on Friday.

Image Source : Krish Capital Pty Ltd

Index Update:

The S&P/TSX Composite Index ended the week on Friday at 24,710.51 with a slight decline of negative 17.02 points or -0.07% from the last day closing level, as major mining companies came under pressure amid ongoing uncertainty over U.S.–China tariff talks and Canada’s April 28 federal election looming.

Macro Update:

Retail sales fell 0.4% in February, which highlights the pressure that higher borrowing costs are putting on domestic demand. Meanwhile, traders grappled with conflicting signals on the trade war: reports suggesting China might suspend its 125% tariffs on select U.S. goods were swiftly denied by Beijing, even as President Trump maintained that negotiations were ongoing, keeping investors on edge.

Top Movers and Losers:

Bullion-linked stocks led the retreat, Agnico Eagle dipped 0.8% after gold prices pulled back sharply despite the miner nearly doubling first-quarter profits on robust output and lower costs, while Wheaton Precious, Barrick Gold and Franco-Nevada slid between 0.6% and 1.8%. Tech shares proved more resilient—Shopify jumped 2.2%, cushioning the broader downturn. 

Our Stance: Despite the modest pullback, the index remains above its 21-period Simple Moving Average (SMA), indicating that the broader bullish trend is still intact. The index is testing a crucial support level of around 24,300. Maintaining this support will be essential for preserving upward momentum. Conversely, a clear break below 24,300 could invite additional selling pressure, with the next major support levels located between 24,000 and 23,800. 

Commodity Update: The dollar opened steadily on Monday as markets braced for a busy week of economic data that could reveal the impact of President Trump’s trade war. Gold slipped 0.30% to $3,293.30, silver dropped 0.95% to $32.69, and copper fell 1.09% to $9,334.10. Brent crude inched up 0.01% to $66.96, though concerns over U.S.-China trade talks and potential OPEC+ supply increases weighed on sentiment.

Technical Update:

On Friday, the S&P/TSX Composite Index closed at 24,710.51, posting a slight decline of 0.07%. The weakness was largely attributed to the industrial sector, which fell by 0.92%. Despite the modest pullback, the index remains above its 21-period Simple Moving Average (SMA), indicating that the broader bullish trend is still intact. This key technical indicator continues to signal positive market momentum. The Relative Strength Index (RSI) is currently at 55.09, suggesting a relatively neutral market stance. At the moment, the index is testing a crucial support level of around 24,300. Maintaining this support will be essential for preserving upward momentum. A successful defense of this zone could lay the groundwork for a renewed rally. Conversely, a clear break below 24,300 could invite additional selling pressure, with the next major support levels located between 24,000 and 23,800.