RY 163.82 -0.2739% SHOP 116.91 -18.9139% TD 83.13 -3.1345% ENB 64.13 -0.8197% BN 73.06 -6.1649% TRI 249.26 -0.8552% CNQ 42.675 -5.2929% CP 100.79 -2.9372% CNR 140.45 -2.1459% BMO 136.74 -2.1608% BNS 68.2 0.1468% CSU 4587.0698 -3.2264% CM 84.1 1.4108% MFC 43.98 -5.1133% ATD 73.43 0.6442% NGT 68.53 -1.8335% TRP 69.25 -0.9582% SU 52.52 -6.3481% WCN 281.58 0.0107% L 211.6 3.4415%
Index Update: The Canadian market closed on a firm note on Monday, lifted by gains in energy and materials stocks as commodity prices climbed higher amid an escalation in the Russia - Ukraine war. The benchmark S&P/TSX Composite Index, which climbed to 25,082.87, ended with a gain of 86.26 points or 0.35% at 24,976.94.
Macro Update: On the economic front, data from Canada Mortgage & Housing Corporation showed housing starts in Canada increased by 7.8% month-over-month to 240,761 units in October, the highest level in three months.
Top Movers: Methanex Corporation (MX.TO), Capital Power Corporation (CPX.TO), Stella-Jones (SJ.TO), Teck Resources (TECK.B.TO), Bank of Nova Scotia (BNS.TO), Sprott Inc (SII.TO), TerraVest Industries (TVK.TO), Bombardier Inc (BBD.B.TO), GFL Environmental (GFL.TO) and Celestia Inc (CLS.TO), Restaurant Brands International (QSR.TO) and CGI Inc (GIB.A.TO) closed up 1.5 to 3%.
Our Stance: Currently, the index is testing a crucial support level around 24,400. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,400 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,600. 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.
Commodity Update: On Tuesday, U.S. bond yields and the dollar remained below multi-month highs as traders awaited further details on President-elect Donald Trump's cabinet selections and analyzed the outlook for potential Federal Reserve rate cuts. In the commodities market, gold rose 0.57% to $2,628.60, silver gained 0.83% to $31.48, and copper climbed 0.08% to $9,104 per ton. Brent crude slipped 0.1% to $73.37 per barrel, following a rally fueled by halted production at Norway's Johan Sverdrup oilfield. Investor caution lingered, driven by concerns over the ongoing Russia-Ukraine conflict and its potential escalation.
Technical Update: On Monday, the S&P/TSX Composite Index posted a modest gain, advancing 86.26 points to close at 24,976.94, marking an increase of 0.35%. 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 2.85%, 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 64.56, 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 24,400. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,400 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,600. 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.
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