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Index Update: The Canadian benchmark stock market index, S&P/TSX Composite Index opened near yesterday's close and within a couple of hours reached an intraday high of 26,586.76. the index rose to close at 26,524.16, up by 97.85 (or 0.37%). This is a new record high for index.
Macro Update: In a significant development following two-day talks between U.S. and Chinese officials in London to ease the tariff conflict, today the U.S. President Donald Trump stated that a deal with China has been done. On the data front, Statistics Canada reported that the total value of building permits in Canada fell by 6.6% month-over-month, below market expectations affecting Real Estate sector stocks today.
Top Movers: Vermilion Energy (4.78%), Parex Resources (3.97%), Imperial Oil (2.83%), Dollarama Inc (9.80%), Celestica (5.04%) and Shopify Inc (3.46%) were the notable gainers.
Our Stance: From a technical perspective, the index remains comfortably above its 21-period Simple Moving Average (SMA), reinforcing a bullish short-term outlook. The index is currently testing a key support zone near 26,200. Holding this level is essential to sustain the upward momentum. A breakdown below this area could lead to a corrective phase, with the next significant support levels found on the weekly chart between 25,800 and 25,600.
Commodity Update: The dollar slipped on Thursday as expectations of Fed rate cuts grew and President Trump signaled a softer stance on tariffs, suggesting a possible extension of the July 8 trade deadline. Gold rose 1.57% to $3,396.00, silver gained 0.49% to $36.43, and copper advanced 0.44% to $9,693.10. Brent crude edged up 0.20% to $69.92 on fears of supply disruption amid rising tensions with Iran.
Technical Update: On Wednesday, the S&P/TSX Composite Index advanced by 97.85 points, or 0.37%, to close at 26,524.16. The consumer non-cyclicals sector led the gains with a notable rise of 2.93%, reflecting renewed investor confidence across defensive segments. From a technical perspective, the index remains positioned above its 21-period Simple Moving Average (SMA), reinforcing the prevailing bullish trend. The Relative Strength Index (RSI) currently stands at 71.11, indicating strong market momentum, albeit approaching overbought territory. The index is currently testing a key support zone near 26,200. Holding this level is essential to sustain the upward momentum. A breakdown below this area could lead to a corrective phase, with the next significant support levels found on the weekly chart between 25,800 and 25,600.
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