CA
NZ
UK
US
AU
IND
Image Source : Krish Capital Pty Ltd
Index Update: The S&P/TSX Composite Index reached an intra-day high of 26,780.19 an hour before close, the index managed to settle at 26,718.62, up by 109.26 (or 0.41 percent).
Macro Update: On the economic front, data provided by Statistics Canada revealed that the annual inflation rate in Canada was at 1.7% in May, unchanged from last month, and in line with market expectations. The Month-on-Month Consumer Price Index increased 0.6% in May. CPI Median rose 3.0% year-on-year in May while the CPI Trimmed-Mean rose by 3% on a year-on-year basis. This data will be factored in during Bank of Canada's policy meeting in July. If inflation continues to ease, rate cuts by BoC could happen as investors expect.
Top Movers: Lightspeed Commerce (7.02%), Celestica (5.38%), Shopify (4%), and Metro Inc (1.51%) were the prominent gainers. Among the individual stocks, International Petroleum Corp (3.98), Oceanagold Corp (5.53%), SSR Mining Inc (5.42%), and Iamgold (5.15%) were the notable losers.
Our Stance: The index is currently testing a key support zone around 26,400 holding above this level is crucial to sustain the uptrend. A break below could prompt a pullback, with the next support levels seen at 26,000 and 25,700 on the daily chart
Commodity Update: The dollar remained under pressure on Wednesday as investor sentiment improved amid hopes of a fragile truce between Israel and Iran, prompting a shift toward riskier assets. Gold rose 0.28% to $3,343.60, silver gained 0.38% to $35.86, and copper increased 0.28% to $9,704.30. Brent crude rebounded 1.1% to $67.89 after sharp recent losses, with markets weighing the ceasefire’s potential to stabilize geopolitical tensions.
Technical Update: On Tuesday, the S&P/TSX Composite Index advanced by 109.26 points, or 0.41%, to close at 26,718.62. This upward move reflects sustained investor confidence, bolstered by strong trading activity, particularly in the technology sector, which outperformed with a notable 2.48% surge. From a technical standpoint, the index remains comfortably above its 21-period Simple Moving Average (SMA), underscoring a bullish short-term outlook. The Relative Strength Index (RSI) stands at 70.76, signalling strong momentum but also suggesting that the index is approaching overbought territory. The index is currently testing a key support level near 26,400. Holding above this threshold will be essential to preserve the prevailing bullish trend. A decisive breakdown below this level could trigger a pullback toward the next support zones around 26,100 and 25,900. Sustained trading above these levels will be critical to maintaining upward momentum in the sessions ahead.
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.
Please wait processing your request...