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Index Update: Opening higher than yesterday's close, the benchmark S&P/TSX Composite Index dropped until just before noon. Later, it picked up momentum to rise and hit an intraday high of 27,159.87 before settling at 27,152.97, up by 98.83 (or 0.37%).
Macro Update: Last week, accusing the Canadian government of failing to control illicit drug entry into the US via the US-Canadian borders, US President Donald Trump announced 35% tariffs on Canada. Canada's Mortgage and Housing Corporation data released today revealed that housing starts in Canada rose 3.6% in June to 253,081 units. The Seasonally Adjusted Annual Rate (SAAR) of housing starts across Canada was nearly flat at 2,83,734 units in June.
Top Movers: Shopify Inc (3.97%), Coveo Solutions Inc (3.50%), Lightspeed Commerce Inc (3.45%), and Brookfield Asset Management (4.25%) were the prominent gainers.
Our Stance: From a technical perspective, the index is currently holding above the near-term support zone at 26,800 a critical threshold for preserving bullish momentum. If this level holds, it could prompt renewed buying interest and set the stage for a potential rebound toward recent highs. However, a clear break below 26,800 may increase selling pressure, potentially signaling a deeper correction ahead.
Commodity Update: The dollar weakened on Thursday amid reports that U.S. President Trump might fire Fed Chair Jerome Powell, shaking market confidence. Although Trump denied the dismissal, he criticised Powell for not cutting rates. Gold slipped 0.42% to $3344.90, while silver edged up 0.04% to $38.13 and copper fell 0.01% to $9634.15. Brent crude rose 0.39% to $68.69, supported by strong economic data and easing trade tensions.
Technical Update:
On Wednesday, the S&P/TSX Composite Index rose closer to previous record highs, to close at 27,152.97. The index remains comfortably positioned above its 50-period Simple Moving Average (SMA), a key technical indicator that often acts as dynamic support in trending markets. This suggests that the short-term uptrend is still intact, and the recent dip may represent a healthy consolidation rather than the start of a broader reversal. From a technical standpoint, the focus now shifts to key support levels. The index is currently holding above the near-term support zone at 26,800 a critical threshold for preserving bullish momentum. If this level holds, it could prompt renewed buying interest and set the stage for a potential rebound toward recent highs. However, a clear break below 26,800 may increase selling pressure, potentially signaling a deeper correction ahead.
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