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Index Update: After opening slightly below yesterday's close, the benchmark S&P/TSX Composite Index turned lower only for an hour. Gaining momentum, the index then entered into positive territory where it reached an intra-day high of 27,396.49 in less than an hour before finally settling at 27,364.43, up by 47.43 (or 0.17%).
Macro Update: Carney stated today that Canada-US Trade Minister Dominic LeBlanc will be in Washington over the next few days to accelerate the process. He had acknowledged last week that some of the tariffs would stay even if a bilateral agreement is sealed between both the nations. Recent economic data revealed that inflation and job numbers have not fared poorly and the economy has not deteriorated badly as most of the impact from tariffs have been borne by steel, aluminum, and automobile sectors. The Bank of Canada has maintained the interest rate steady at 2.75% from April.
Top Movers: Ivanhoe Mines Ltd (7.02%), Agnico Eagle Mines (4.23%), Wheaton Precious Metals Corp (4.08%), Rogers Communications Inc (1.78%), and Vermilion Energy Inc (3.57%) were the prominent gainers.
Our Stance: The index is currently testing key support near 27,000. Holding above this level is essential to preserve the current bullish trend, while a breakdown below it could trigger a pullback toward the next support zones near 26,800 and 26,700. Sustained movement above these levels will be crucial for maintaining upward momentum in the sessions ahead.
Commodity Update: The dollar remained weak on Wednesday after President Trump announced a trade deal with Japan, reducing a planned tariff from 25% to 15% and securing a $550 billion Japanese investment in the U.S. Gold slipped 0.24% to $3,335.60. In comparison, silver rose 0.20% to $39.63. Copper edged down 0.13% to $9,902.60. Brent crude gained 0.31% to $68.80, limited by fading optimism over the upcoming EU-China summit.
Technical Update:
On Tuesday, the S&P/TSX Composite Index advanced by 47.73 points to close at 27,364.43, a gain of 0.17%. The upward move reflects continued investor confidence, supported by strong trading activity particularly in the basic materials sector, which outperformed with a 2.27% surge. From a technical perspective, the index remains comfortably above its 21-period Simple Moving Average (SMA), reinforcing a bullish short-term outlook. The Relative Strength Index (RSI) stands at 69.04, indicating strong momentum while suggesting overbought conditions. The index is currently testing key support near 27,000. Holding above this level is essential to preserve the current bullish trend, while a breakdown below it could trigger a pullback toward the next support zones near 26,800 and 26,700. Sustained movement above these levels will be crucial for maintaining upward momentum in the sessions ahead.
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