RY 162.95 0.1598% SHOP 142.44 1.9468% TD 85.37 0.5654% ENB 64.23 0.7056% BN 76.9 -0.0909% TRI 249.77 0.2287% CNQ 44.88 0.1339% CP 103.09 1.3568% CNR 142.63 1.0843% BMO 138.73 0.4999% BNS 67.52 0.6409% CSU 4678.8301 1.6439% CM 82.27 0.8829% MFC 45.86 0.8799% ATD 72.16 1.0078% NGT 69.43 0.463% TRP 69.48 1.4307% SU 55.76 -0.2326% WCN 279.05 -0.7116% L 204.17 0.349%
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Index Update: The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, ended with a gain of 103.66 points or 0.41% at 25,171.58.
Macro Update: According to reports, Donald Trump will direct federal agencies to assess trade relations with China, Canada and other trade partners but will hold off on imposing new tariffs on his first day in office.
Top Movers: MEG Energy Corp (MEG.TO) rallied 6.3%. Terravest Capital (TVK.TO), Athabasca Oil Corp (ATH.TO), Canadian Natural Resources (CNQ.TO), Headwater Exploration (HWX.TO) and Birchcliff Energy (BIR.TO) gained 3 to 5.2%.
Our Stance: From a technical perspective, the index remains in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is indicative of a bullish trend. The Relative Strength Index (RSI) stands at 56.54, signaling strength in the market but without reaching overbought conditions, leaving room for further gains. Currently, the index is testing a crucial support level around 24,500. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,500 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,800.
Commodity Update: The U.S. dollar rebounded in volatile Asian trading on Tuesday after President Donald Trump hinted at potential tariffs on Canada and Mexico, though specifics were unclear. In commodities, gold rose by 0.30% to $2,740.00, silver gained 0.69% to $31.36, and copper saw a slight dip of 0.02% to $9,266.00. Brent crude dropped 0.10% to $80.60 per barrel following Trump’s declaration of a national emergency to bolster U.S. energy production. However, crude losses were limited by dollar weakness and expectations of new U.S. sanctions on Venezuela, which could further tighten the global oil supply.
Technical Update: On Monday, the S&P/TSX Composite Index posted a gain, advancing 103.66 points to close at 25,171.58 marking an increase of 0.41%. This positive performance was supported by strong trading volumes, reflecting sustained investor enthusiasm and confidence in the market. A standout contributor to the day's gains was the basic materials sector, which rose by 1.24%, suggesting growing optimism in this space. From a technical perspective, the index remains in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is indicative of a bullish trend. The Relative Strength Index (RSI) stands at 56.54, signaling strength in the market but without reaching overbought conditions, leaving room for further gains. Currently, the index is testing a crucial support level around 24,500. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,500 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,800. For the bullish trend to remain intact, it is essential for the index to hold above these support levels, ensuring continued growth potential in the near term.