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%
Image Souce: Krish Capital Pty Ltd
Index Update: The benchmark S&P/TSX Composite Index, which hit a new record high at 25,826.98, closed up 11.76 points or 0.05% at 25,691.80. The index gained 0.17% in the week.
Macro Update: Data from Statistics Canada said employment in Canada rose by 51,000 in November of 2024, the most in seven months, extending the slight change of 14,500 from the previous month and well above the market consensus of 25,000.
Meanwhile, the unemployment rate in Canada rose to 6.8% in November, from 6.5% in the previous month. The unemployment rate was expected to come in at 6.6%.
Top Movers: Technology stock Bitfarms (BITF.TO) soared nearly 10%. Shopify Inc (SHOP.TO), Sangoma Technologies (STC.TO), Enghouse Systems (ENGH.TO), Celestica Inc (CLS.TO), Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO) and Lightspeed Commerce (LSPD.TO) gained 2 to 5%.
Our Stance: The index has solid support around the 25,000 mark. Maintaining above this level is critical for sustaining the bullish momentum. If the index falls below this level, it could face a retracement, with possible support found in the 25,200 to 24,900 range on the weekly chart. Keeping above these support zones will be essential for maintaining investor sentiment and avoiding a deeper pullback.
Commodity Update: The U.S. dollar weakened on Monday as investors awaited crucial inflation data this week, particularly the consumer price index (CPI), for insights into potential interest rate moves. Geopolitical tensions in Syria, following the ousting of President Bashar al-Assad, added to market uncertainty. In commodities, gold gained 0.25% to $2,666.20, silver rose 0.02% to $31.59, and copper climbed 0.30% to $9,125.50. Brent crude edged up 0.30% to $71.40, as Middle East tensions overshadowed concerns about weak Chinese demand, highlighted by Saudi Aramco's price cuts to Asian buyers. The market is focused on Wednesday’s CPI report for economic signals.
Technical Update: The S&P/TSX Composite Index showed a slight positive move on Friday, with a modest gain of 11.76 points, or 0.05%, closing at 25,691.80. The day's trading activity was marked by strong volume, signaling continued investor confidence and a willingness to buy into the market. A standout performer was the technology sector, which rose by 1.78%, a sign of growing optimism in this area. From a technical perspective, the index is comfortably above its 21-period Simple Moving Average (SMA), which suggests that the trend is still bullish. The SMA may serve as a key level of support, and as long as the index stays above it, the positive trend could continue. The Relative Strength Index (RSI) is at 76.02, signaling that the market is still in a healthy state with room for further gains. The index has solid support around the 25,000 mark. Maintaining above this level is critical for sustaining the bullish momentum. If the index falls below this level, it could face a retracement, with possible support found in the 25,200 to 24,900 range on the weekly chart. Keeping above these support zones will be essential for maintaining investor sentiment and avoiding a deeper pullback.