RY 162.52 -0.3189% SHOP 135.99 3.2025% TD 85.98 -0.2552% ENB 63.8 -0.7004% BN 73.76 0.5453% TRI 250.39 -0.7492% CNQ 40.72 0.0737% CP 100.1 -1.126% CNR 134.14 -0.8574% BMO 131.55 -0.5819% BNS 67.14 -0.2526% CSU 4850.0 -0.7959% CM 84.34 0.8128% MFC 41.715 -0.3226% ATD 71.99 -0.3323% NGT 74.3 -3.7814% TRP 68.63 0.0729% SU 49.435 0.2332% WCN 267.63 -1.852% L 215.28 -0.0139%
Image Source : Krish Capital Pty Ltd
Index Update: Following the rally seen in the previous session, Canadian stocks turned in another strong performance during trading on Wednesday. The S&P/TSX Composite Index gave pull back off early highs but still ended the day up 166.70 points or 0.7 percent at 24,472.68.
Macro Update: The U.S president suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially.
Top Movers: Technology stocks led the advance—Shopify surged 6.6%, Celestica jumped 7.1%, and Constellation Software added 2.7%. Financial heavyweights Brookfield (2.6%), Manulife Financial (2.3%), and Sun Life Financial (1.6%) also outperformed.
Our Stance: Despite the rebound, 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.
Commodity Update: The dollar paused on Thursday after rebounding sharply, as President Trump stepped back from threats to fire Fed Chair Jerome Powell and signaled a softer China tariff stance. Gold jumped 1.79% to $3,352.10, silver dipped 0.38% to $32.42, and copper edged up 0.20% to $9,398.20. Brent crude rose 0.09% to $66.18, stabilizing oil after a 2% drop amid mixed signals on OPEC+ output and U.S.-Iran talks.
Technical Update: The S&P/TSX Composite Index rose 166.70 points, or 0.69%, on Wednesday to close at 24,472.68, breaking above the 200-day SMA – an early sign of stabilization. Despite the rebound, the index is still forming lower highs and lower lows, reflecting ongoing downward pressure. The Relative Strength Index (RSI) has improved to 52.59, 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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