RY 161.29 0.8315% SHOP 116.7 1.6108% TD 83.65 0.553% ENB 61.82 1.2613% BN 68.755 0.8729% TRI 248.88 1.754% CNQ 38.22 0.6054% CP 103.1 0.4775% CNR 138.9 -0.0576% BMO 129.44 1.1013% BNS 65.52 0.7845% CSU 4654.3901 1.9582% CM 81.81 1.3755% MFC 40.37 1.0766% ATD 69.68 -0.9805% NGT 76.14 0.2106% TRP 67.93 2.0123% SU 46.68 0.4735% WCN 273.82 0.8397% L 206.99 -1.499%
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Index Update: The sell-off on Bay Street came amid concerns about a global trade war after President Donald Trump outlined his plan to impose sweeping tariffs on U.S. trade partners. The benchmark S&P/TSX Composite Index plunged early in the session and remained sharply lower throughout the day before closing down 971.41 points or 3.8 percent at 24,335.77.
Macro Update: Trump's "reciprocal tariff" plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement.
The Canadian domestic data showcased a 5.5% decline in merchandise exports in February and a shrinking trade balance that shifted from a $3.1 billion surplus in January to a $1.5 billion deficit.
Top Losers: Notably, tech, financial, and energy producers have been hit hard, with Shopify tumbling 19.6%, Brookfield off 8.9%, and Imperial Oil dropping 8.1%, leading their respective sector's decline.
Our Stance: The index continues to trade below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and signaling persistent selling pressure. The key support level to watch is 24,100, which aligns with a critical horizontal trendline. Holding this level could provide a base for stabilization and a potential recovery. However, a decisive break below it could trigger further losses, with downside targets at 23,700 and 23,500.
Commodity Update: The U.S. dollar remained under pressure against the yen, which hovered near a six-month high, as markets assessed the impact of President Donald Trump’s broad new tariffs. The dollar steadied after rebounding from six-month lows against the euro and sterling, with attention now on the U.S. payrolls report for economic insights and monetary policy direction. In commodities, gold slipped 0.21% to $3,115.20, silver dropped 1.27% to $31.56, and copper declined 0.75% to $9,288.75. Brent oil fell 0.40% to $69.84 per barrel after OPEC+ accelerated output increases, deepening losses from Trump’s trade measures.
Technical Update: On Thursday, the S&P/TSX Composite Index plunged 971.41 points (-3.84%) to close at 24,335.77, pressured mainly by a sharp 8.90% decline in the technology sector, which weighed heavily on overall market sentiment. The index continues to trade below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and signaling persistent selling pressure. Momentum indicators paint a cautious picture. The Relative Strength Index (RSI) sits at 40.32, nearing oversold territory. While this may open the door for a short-term rebound, downside risks remain elevated. The key support level to watch is 24,100, which aligns with a critical horizontal trendline. Holding this level could provide a base for stabilization and a potential recovery. However, a decisive break below it could trigger further losses, with downside targets at 23,700 and 23,500. Market sentiment remains fragile as investors closely track macroeconomic data and sector-specific developments for clues on future direction.
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