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Index Update: The Canadian market closed weak on Thursday, falling for the sixth consecutive session, as fears of tariff hikes, hawkish comments from the Federal Reserve, and concerns about economic slowdown. The benchmark S&P/TSX Composite Index settled with a loss of 143.06 points or 0.58% at 24,413.94.
Macro Update: Data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada rose by 5.3% year-on-year to $1,284.43 in October 2024, the fastest pace since March 2021, following a downwardly revised 4.9% increase in September.
Top Movers: Propel Holdings (PRL.TO) rallied 6.75%. Aecon Group (ARE.TO), BRP Inc (DOO.TO), TerraVest Industries (TVK.TO), goeasy (GSY.TO), CCL Industries (CCL.B.TO), CGI Inc (GIB.TO), Cameco Corporation (CCO.TO) and Sprott Inc (SII.TO) gained 1.3 to 3.5%.
Our Stance: The index is trading near its immediate support at 24,098. Traders are closely monitoring this critical technical level for indications of the market's direction. If the index holds above this support, there may be a chance for a rebound. Conversely, if it falls below 24,098, it could signal further weakness, potentially driving the index toward lower support level at 23,414.
Commodity Update: On Friday, the U.S. dollar is set to close the week near a two-year high, driven by a hawkish outlook on U.S. interest rates. The Japanese yen, however, struggled, falling to a new low after the Bank of Japan kept rates steady and provided little clarity on future hikes. This followed the U.S. Federal Reserve’s indication of fewer rate cuts in 2025. In commodities, gold rose to $2,612.30, silver dropped 0.37% to $29.30, and copper gained 0.34% to $8,918. Oil prices remained stable, with Brent crude down 0.43% to $72.57, amid concerns over demand growth, particularly in China.
Technical Update: On Thursday, the S&P/TSX Composite Index declined by 0.58%, closing at 24,413.94, marking six consecutive days of losses. This decline continues to show signs of weakness after the index broke through both the short-term upward trendline and the 21-period Simple Moving Average (SMA). In contrast, following a dramatic drop, the Relative Strength Index (RSI) is now in oversold territory, and the index is trading near its immediate support at 24,098. This level could serve as a buffer against further declines. Traders are closely monitoring this critical technical level for indications of the market's direction. If the index holds above this support, there may be a chance for a rebound. Conversely, if it falls below 24,098, it could signal further weakness, potentially driving the index toward lower support level at 23,414 which is near the upward trendline starting from October 2023. The market is at a crucial juncture, and these technical levels will likely determine whether the current trend continues, or a reversal is in store.
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