RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
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Index Update: The Canadian market ended weak on Tuesday and the benchmark S&P/TSX Composite Index dropped to a fresh 4-month low. The S&P/TSX Composite Index closed down 132.51 points or 0.54% at 24,248.20, after scaling a low of 24,155.63 and a high of 24,493.46 intraday.
Macro Update: The Canadian central bank is widely expected to lower interest rate by 25 basis points.
After speaking about hiking tariffs on Canadian steel and aluminum to 50%, and raising duties on auto parts, the Trump administration said the hike will not become effective tomorrow, as Canada agreed to suspend a 25% tariff on electricity exports.
Top Movers: First Majestic Silver soared 10.3% and Knight Theapeutics surged 10.1%. Iamgold Corp., New Gold, MAG Silver, Silvercorp Metals, Celestica Inc., Hudbay Minerals, Vermilion Energy, Kinross Gold, Pan American Silver Corp, SSR Mining and Enerflex rallied 4 to 8%.
Our Stance: The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating continued selling pressure. Momentum indicators suggest a cautious outlook. The key support level to watch is 24,100, aligning with a crucial horizontal trendline. Holding this level could provide a foundation for stabilization and potential recovery. However, a break below may accelerate losses, with additional downside targets at 23,900 and 23,700.
Commodity Update: The U.S. dollar remained near a five-month low on Wednesday, weighed down by ongoing concerns over the U.S. economy amid President Donald Trump’s erratic trade policies. Analysts noted that the country’s growth outlook continued to weaken, heightening focus on the upcoming consumer price index (CPI) release, which could lead to market volatility. In commodities, gold rose 0.14% to $2,924.90, silver climbed 0.67% to $33.36, and copper surged 0.84% to $9,731.30. Brent crude increased 0.40% to $69.83, supported by the weaker dollar, though fears of a U.S. slowdown and tariff effects limited further gains.
Technical Update: On Tuesday, the S&P/TSX Composite Index fell by 132.51 points (-0.54%) to close at 24,248.20. The decline was primarily driven by weakness in the healthcare sector, which dropped 2.48%, weighing on overall market sentiment. The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating continued selling pressure. Momentum indicators suggest a cautious outlook, with the Relative Strength Index (RSI) at 34.92, nearing oversold territory. While this could lead to a short-term rebound, downside risks persist. The key support level to watch is 24,100, aligning with a crucial horizontal trendline. Holding this level could provide a foundation for stabilization and potential recovery. However, a break below may accelerate losses, with additional downside targets at 23,900 and 23,700.
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