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Index Update: The benchmark S&P/TSX Composite Index surged early in the session and remained firmly positive throughout the day before closing up 297.12 points or 1.2 percent at 24,305.98.
Macro Update: Statistics Canada released a report showing prices of products manufactured in Canada rose 0.5 percent month over month in March and surged 4.7 percent year-over-year.
Meanwhile, prices of raw materials purchased by manufacturers operating in Canada declined 1.0 percent in March but still jumped by 3.9 percent year-over-year.
Top Movers: Energy heavyweights Canadian Natural, Suncor, Imperial Oil, and Cenovus led the advance, climbing between 2.3% and 5% amid firmer oil prices. Financial and tech giants—including RBC, TD Bank, Shopify, and Brookfield—also supported the rally, gaining between 1.7% and 4.9%.
Our Stance: Despite the rebound, the index remains below its 21-period Simple Moving Average (SMA), reflecting ongoing downward pressure. However, the broader technical outlook remains cautious. Key support is seen near 23,700, which could act as a short-term floor.
Commodity Update: The U.S. dollar surged then stabilized Wednesday as President Trump eased investor fears by backing away from firing Fed Chair Jerome Powell. This reassurance, along with optimism over trade deals, lifted market sentiment. Gold dropped 1.68% to $3,362.25, silver slipped 0.74% to $32.65, and copper dipped 0.08% to 9,384.15. Brent crude rose 1% to $68.12 amid U.S. sanctions on Iran and a sharp decline in U.S. crude stockpiles.
Technical Update: The S&P/TSX Composite Index rose 297.12 points, or 1.24%, on Tuesday to close at 24,305.98, supported by strong trading volumes — a sign of sustained investor interest. Despite the rebound, the index remains below its 21-period Simple Moving Average (SMA), reflecting ongoing downward pressure. The Relative Strength Index (RSI) has improved to 50.76, exiting oversold territory and hinting at a possible short-term technical bounce. However, the broader technical outlook remains cautious. Key support is seen near 23,700, which could act as a short-term floor. A clear break below this level may open the door to further declines, with additional support at 23,400 and 23,000. Until the index regains key technical levels, caution is advised.
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