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: After moving higher early in the session, the S&P/TSX Composite Index pulled back into negative territory before rebounding, going into the close to end the day up 38.86 points or 0.2 percent at 24,106.79.
Macro Update: The Bank of Canada said it decided to maintain its target for the overnight rate at 2.75 percent, with the Bank Rate at 3 percent and the deposit rate at 2.70 percent.
The accompanying statement noted increased uncertainty due to the major shift in direction of U.S. trade policy and the unpredictability of tariffs makes it unusually challenging to project GDP growth and inflation in Canada and globally.
Top Movers and losers: Heavyweight financials, technology, and rail sectors led the decline, with notable losses in shares of Shopify (-0.7%), Brookfield (-1.6%), Canadian Pacific Railway (1.7%), BMO (-0.6%), and Manulife (-2.1%). In contrast, commodity producers, especially major mining and energy stocks posted decent gains.
Our Stance: The index remains below its 21-period Simple Moving Average (SMA), signaling ongoing downward momentum and persistent selling pressure. From a technical standpoint, Immediate support is seen near the 23,700 mark a key horizontal level that could act as a short-term floor, allowing for consolidation or a relief rally. A decisive break below this level, however, could open the door to further declines, with additional support levels at 23,400 and 23,000.
Commodity Update: The dollar steadied after hitting a seven-month low against the yen, as Fed Chair Powell emphasized inflation concerns amid escalating trade tensions. Gold slipped 0.08% to $3,344.77, silver dropped 2.08% to $32.29, and copper eased 0.23% to $9,185.53. Brent crude rose 0.70% to $66.33, with oil prices extending gains in Asian trade on renewed supply concerns following U.S. sanctions on Iran, despite a rise in U.S. crude inventories.
Technical Update: On Wednesday, the S&P/TSX Composite Index posted a modest gain of 38.06 points, closing at 24,106.79, an increase of 0.16%. The advance was supported by strong trading volumes, indicating sustained investor confidence. Leading the gains was the basic materials sector, which climbed 1.32%, reflecting growing optimism in that area of the market. Despite the positive session, the index remains below its 21-period Simple Moving Average (SMA), signaling ongoing downward momentum and persistent selling pressure. The Relative Strength Index (RSI) has dipped to 48.41, nearing oversold territory and potentially setting the stage for a short-term technical rebound. From a technical perspective, the broader outlook remains cautious. Immediate support is seen near the 23,700 mark a key horizontal level that could act as a short-term floor, allowing for consolidation or a relief rally. A decisive break below this level, however, could open the door to further declines, with additional support levels at 23,400 and 23,000.
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