RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
Image Source : Krish Capital Pty Ltd
Index Update: The Canadian market closed weak on Wednesday as concerns about Trump's tariffs and uncertainty about economic growth weighed on sentiment. The benchmark S&P/TSX Composite Index ended with a loss of 178.45 points or 0.7% at 25,161.06. The index dropped to a low of 25,106.44 in the final hour before staging a modest recovery.
Macro Update: On the economic front, data from Statistics Canada said wholesale sales in Canada likely increased by 0.4% month-over-month in February, after a 1.2% rise in the previous month, according to preliminary estimates.
Top Losers: Celestica Inc tanked nearly 10%. Shopify Inc., BlackBerry, TecSys, Dye & Durham, Docebo Inc., Coveo Solutions and Descartes Systems Group lost 1.9 to 5.2%.
Our Stance: Despite the decline, the index continues to trade above its 21-period Simple Moving Average (SMA), suggesting that the longer-term bullish trend remains intact. At present, the index is testing a critical support level near 24,900. The ability to sustain this level will be crucial in maintaining upward momentum.
Commodity Update: The dollar remained near a three-week high on Thursday following U.S. President Donald Trump's announcement of new 25% tariffs on all auto imports, set to take effect on April 2. The move escalates the global trade war, raising concerns over potential inflationary pressures. Despite this, Trump stated that reciprocal tariffs on other countries will be "lenient." In commodities, gold rose 0.41% to $3,064.60, silver increased 0.29% to $34.32, and copper climbed 0.40% to $9,973.30. Brent crude saw a slight gain of 0.10%, reaching $73.84 per barrel, following the previous session’s strong surge.
Technical Update: On Wednesday, the S&P/TSX Composite Index closed at 25,161.06, registering a modest decline of 0.70%. The downturn was primarily driven by the underperformance of the technology sector, which suffered a notable drop of 3.24%. Despite the decline, the index continues to trade above its 21-period Simple Moving Average (SMA), suggesting that the longer-term bullish trend remains intact. This technical indicator serves as a key gauge of market momentum, and the fact that the index remains above it reinforces the potential for continued upside movement. Additionally, the Relative Strength Index (RSI) currently stands at 53.45, reflecting a balanced market environment. At present, the index is testing a critical support level near 24,900. The ability to sustain this level will be crucial in maintaining upward momentum. If the index manages to hold above this threshold, it could provide a solid foundation for a renewed rally. However, a decisive break below this support zone may trigger further downside pressure, leading to a pullback toward the next significant support levels, which are positioned in the range of 24,600 to 24,400.
The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.
CA
AU
UK
US
NZ
IND
Please wait processing your request...