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Index Update: The Canadian market closed on a firm note on Monday. Investors reacting to reports that the U.S. will likely adopt a more moderate, targeted approach to upcoming tariffs. The benchmark S&P/TSX Composite Index closed with a gain of 335.62 points or 1.34% at 25,304.11. The index opened with a positive gap of nearly 100 points at 25,060.21 and climbed to a high of 25,357.80.
Macro Update: On the economic front, manufacturing sales in Canada are expected to have declined by 0.2% month-over-month in February 2025, following a 1.7% rise in January, according to preliminary estimates.
Top Movers: Aritzia, Interfor, Tilray, Shopify, NexGen Energy, Brookfield Infrastructure, Celestica, Enerflex, Canada Goose Holdings, Cronos Group, Peyto Exploration, Onex Corporation, BRP Inc., Martinrea International, Colliers International Group, CAE, Brookfield, Linamar and Aurora Cannabis gained 3 to 6%.
Our Stance: The S&P/TSX holding comfortably above its 21-period Simple Moving Average (SMA), signaling an ongoing bullish trend. Moreover, the current reading still supports the idea that the market has room for further upside, assuming buying momentum continues. The index is currently testing a crucial support level of around 25,000.
Commodity Update: The dollar reached a three-week high against the yen on Tuesday, bolstered by strong U.S. services data and easing trade concerns. President Trump indicated that not all of his proposed tariffs would take effect on April 2, offering potential exemptions for some countries. This fueled investor optimism, boosting the dollar and supporting Wall Street's positive mood. In commodities, gold rose slightly to $3,045.40, silver gained 0.43% to $33.49, and copper climbed to $9,965.20. Meanwhile, Brent crude remained steady at $73.05 per barrel after a recent surge, with Trump threatening tariffs on oil imports from Venezuela.
Technical Update: On Monday, the S&P/TSX Composite Index posted a gain of 335.62 points, closing at 25,304.11, reflecting a 1.34% increase. This increase, highlighted by a bullish candlestick pattern and bolstered by strong trading volumes, underscores ongoing investor optimism and confidence in the market. The index’s technical setup remains positive, with the S&P/TSX holding comfortably above its 21-period Simple Moving Average (SMA), signaling an ongoing bullish trend. The Relative Strength Index (RSI) at 56.71 remains a key indicator to watch. Moreover, the current reading still supports the idea that the market has room for further upside, assuming buying momentum continues. The index is currently testing a crucial support level of around 25,000. This is a key threshold for maintaining the current bullish trend. A drop below this level could signal a pullback, with the next lines of defence at 24,700 and 24,500. It will be important for the market to hold above these levels to avoid more significant downward pressure.
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