RY 160.88 0.3368% SHOP 116.26 -0.2745% TD 83.99 0.2267% ENB 63.36 2.3421% BN 68.93 1.8168% TRI 253.15 1.2438% CNQ 40.16 2.7899% CP 102.84 1.6607% CNR 136.8 0.1098% BMO 129.28 0.4351% BNS 65.68 0.5357% CSU 4662.8101 -1.1794% CM 81.86 0.4664% MFC 40.03 0.9329% ATD 70.74 0.5115% NGT 76.31 -1.5482% TRP 69.03 1.7991% SU 48.27 3.009% WCN 273.57 0.3927% L 213.34 0.0%
Image Souce: Krish Capital Pty Ltd
Index Update: The benchmark S&P/TSX Composite Index ended down 60.12 points or 0.25% at 24,102.71 after scaling a low of 23,988.17 and a high of 24,173.06 intraday.
Macro Update: After Friday's upbeat jobs data from the U.S, traders now expect only a quarter-point cut in interest rates at the Federal Reserve's next policy announcement on Nov. 7, with a small chance that the policy rate stays unchanged.
Top Movers: Imperial Oil (IMO.TO), Athabasca Oil Corp (ATH.TO), International Petroleum Corp (IPCO.TO), Parex Resources (PXT.TO), Whitecap Resources (WCP.TO), Advantage Oil & Gas (AAV.TO) and Baytex Energy (BTE.TO) gained 2 to 3%.
Our Stance: From a technical perspective, the index remains positioned above the 21-period Simple Moving Average (SMA), indicating a prevailing uptrend sentiment in the short term. The Relative Strength Index (RSI) at approximately 66.85 supports this view, suggesting there may still be underlying strength and potential for upside momentum. Immediate support for the index is identified around the 23,550 level, coinciding with a significant rising trendline.
Commodity Update: The dollar remained strong, holding seven-week highs against major currencies as investors assessed the impact of last week’s robust jobs report on U.S. rate expectations. Meanwhile, escalating Middle East tensions weighed on risk sentiment. In commodities, gold dipped 0.26% to $2,659.20 per ounce, silver fell 0.12% to $31.60, and copper dropped 1.14% to $9,864.00 per ton. Brent crude retreated 0.6% to $80.42 a barrel amid concerns over ongoing conflicts, while potential supply disruptions in the U.S. from Hurricane Milton added pressure. Markets are now focused on this week’s U.S. CPI data for further insights into rate decisions.
Technical Update: The S&P/TSX Composite Index recently saw a negative session marked by a small bearish candle formation on increased trading volume. Despite ongoing challenges, the index managed to close significantly lower, declining 60.12 points or 0.25%, closing at 24,102.71. The utilities sector experienced a decline of 1.70%, potentially influenced by sector-specific challenges or profit-taking activities. From a technical perspective, the index remains positioned above the 21-period Simple Moving Average (SMA), indicating a prevailing uptrend sentiment in the short term. The Relative Strength Index (RSI) at approximately 66.85 supports this view, suggesting there may still be underlying strength and potential for upside momentum. Immediate support for the index is identified around the 23,550 level, coinciding with a significant rising trendline. Maintaining above this level could provide a foundation for further upward movement. However, failure to hold above this support might lead to a retest of lower levels around 23,000-22650.
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