RY 160.91 0.3555% SHOP 116.03 -0.4718% TD 83.98 0.2148% ENB 62.82 1.4699% BN 68.81 1.6396% TRI 251.78 0.6959% CNQ 39.88 2.0732% CP 103.16 1.9771% CNR 137.31 0.483% BMO 129.32 0.4661% BNS 65.69 0.551% CSU 4682.54 -0.7613% CM 81.6 0.1473% MFC 39.65 -0.0252% ATD 71.3 1.3072% NGT 76.22 -1.6643% TRP 68.46 0.9586% SU 47.8 2.006% WCN 273.36 0.3156% L 213.68 0.1594%
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Index Update: The S&P/TSX Composite Index rose 0.8% to close at 24,067.93 on Tuesday, outperforming its U.S. counterparts as investors embraced unexpectedly cooler inflation.
Macro Update: Data from Statistics Canada showed the annual inflation rate in Canada dropped to 2.3% in March from an eight-month high of 2.6% in the previous month.
The consumer price index increased 0.3% in March. In other economic news, Canadian housing starts dropped 3.3% month-over-month in March, data from Canada Mortgage and Housing Corporation said.
Top Movers: Credit-sensitive tech giants like Shopify and Celestica led the gains with increases of 2.2% and 2.8%, respectively, and financial institutions such as RBC, TD Bank, Brookfield, BMO, and Scotiabank advanced between 0.5% and 1.1%. Major mining equities Agnico Eagle Mines and Wheaton Precious Metals added 2.5% and 1.9%.
Our Stance: Despite the upbeat session, the index remains below its 21-period Simple Moving Average (SMA), reflecting continued downward momentum and underlying selling pressure. From a technical standpoint, the broader outlook remains cautious. The index faces immediate support at the 23,500 level, a key horizontal zone that could serve as a near-term floor and foster consolidation or a relief rally.
Commodity Update: The dollar saw a slight rebound Wednesday as investors paused after weeks of heavy selling, awaiting updates on U.S.-China trade talks. Markets were steady ahead of China’s Q1 GDP and U.S. Fed Chair Powell’s speech. Gold climbed 1.52% to $3,289.40, silver rose 0.33%, and copper slipped 0.24% to $9,138.20. Brent crude edged up 0.10% to $64.72 amid ongoing uncertainty over U.S. trade policy and its impact on global growth.
Technical Update: On Tuesday, the S&P/TSX Composite Index climbed 201.40 points, closing at 24,067.93 a gain of 0.84% as investor confidence improved and trading activity intensified. The healthcare sector led the charge with a robust 3.11% advance. Despite the upbeat session, the index remains below its 21-period Simple Moving Average (SMA), reflecting continued downward momentum and underlying selling pressure. Meanwhile, the Relative Strength Index (RSI) has slipped to 48.02, approaching oversold territory and hinting at the potential for a short-term technical rebound. From a technical standpoint, the broader outlook remains cautious. The index faces immediate support at the 23,500 level, a key horizontal zone that could serve as a near-term floor and foster consolidation or a relief rally. However, a decisive break below this level could trigger further downside moves, with additional support seen at 23,000 and 22,800.
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