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%
Image Source: Krish Capital Pty Ltd
Index Update: The Canadian market closed on a firm note on Monday, lifted by gains in energy stocks. The benchmark S&P/TSX Composite Index, which dropped to 24,510.50, rallied to close with a gain of 149.50 points or 0.61% at 24,748,98.
Macro Update: The Canadian GDP contracted for the first time in eleven months, declining by 0.1% from the previous month in November. In October, the Canadian GDP expanded by 0.3%, revised higher from the flash reading of a 0.1% rise, after rising by a revised 0.2% in September.
Industrial product prices in Canada rose by 0.6% month-over-month in November, following a 1.2% increase in October. Producer prices increased 2.2% year-over-year in November, following a 1.1% rise in October.
Top Movers: Paramount Resources (POU.TO) and North American Construction Group (NOA.TO) gained 5.95% and 5%, respectively. CAE Inc (CAE.TO), Celestica Inc (CLS.TO), CCL Industries (CCL.A.TO), Methanex Corporaton (MX.TO) and Brookfield Infrastructure (BIPC.TO) also closed with strong gains.
Our Stance: Traders are monitoring key technical levels to gauge the market's direction. Immediate support is at 24,250, which could help prevent further declines. A rebound is possible if this level holds, especially if the energy sector stabilizes. A break below 24,250, however, could signal further weakness, with additional support at lower levels.
Commodity Update: The U.S. dollar remained strong on Tuesday, driven by expectations of prolonged high U.S. interest rates, leaving other currencies near key lows. With the holiday season approaching, trading volumes are expected to thin out, and market activity will likely decrease as the year-end nears. As major economic data releases are sparse, the focus will remain on the interest rate outlook. In commodities, gold rose by 0.13% to $2,631.40, silver climbed 0.28% to $30.37, and copper gained 0.14% to $8,955.50. Brent crude increased 0.40%, reaching $73.20 per barrel, supported by positive U.S. economic data and growing oil demand in India.
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Technical Update: The S&P/TSX Composite Index closed at 24,748.98 on Monday, posting a 0.61% gain. The index is holding above a breakout horizontal support level and has formed two consecutive bullish candlesticks, signaling potential upward momentum. It remains above its 50-period Simple Moving Average (SMA), supporting the short-term uptrend. The Relative Strength Index (RSI) surged to 40.31, recovering from oversold territory. Traders are monitoring key technical levels to gauge the market's direction. Immediate support is at 24,250, which could help prevent further declines. A rebound is possible if this level holds, especially if the energy sector stabilizes. A break below 24,250, however, could signal further weakness, with additional support at lower levels.
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