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Index Update: The benchmark S&P/TSX Composite Index, which climbed to a record high of 26,117.13, closed 83.70 points in gain at 26,055.63.
Macro Update: Data from Statistics Canada said the annual inflation rate in Canada fell to 1.7% in April from 2.3% in the previous month, slightly above market expectations of 1.6%. The reading marked the softest increase in consumer prices in seven months. The CPI in Canada decreased 0.1% month-over-month in April, the first fall in four months, compared to a 0.3% rise in March and forecasts of a 0.2% drop. The annual core inflation rate in Canada rose to 2.5% in April from 2.2% in the prior month. On a monthly basis, core consumer prices rose by 0.5% in April, accelerating from a 0.1% increase in the prior month. Meanwhile, the Bank of Canada's trimmed-mean core CPI unexpectedly accelerated to 3.1%, its highest in thirteen months, indicating price pressures and diminishing possibilities of near-term rate cuts.
Top Movers and Losers: materials names led by Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, jumped between 4.3%–5.3% on safe-haven flows into gold amid US fiscal strains, while major banks likewise edged higher. Conversely, Shopify lost 4.4%.
Our Stance: The index maintains a bullish stance, trading well above its 21-period Simple Moving Average (SMA). The index is currently testing a key support level around 25,700. Holding above this threshold is crucial to sustaining the rally. A breakdown below this level could prompt a pullback, with additional support zones near 25,400 and 25,200 on the weekly chart.
Commodity Update: The U.S. dollar extended losses for a third session on Wednesday, pressured by political uncertainty as President Trump struggled to unite Republicans behind his tax overhaul. Gold gained 0.64% to $3,305.60, silver rose 0.26% to $33.26, and copper increased 0.04% to $9,581.45. Brent crude surged 1.50% to $66.42 after reports of Israeli military planning raised fears of supply disruptions amid rising U.S. crude inventories.
Technical Update: The S&P/TSX Composite Index rose by 83.70 points on Tuesday, closing at 26,055.63 an increase of 0.32%. This upward movement was supported by strong trading volumes, reflecting sustained investor confidence. The basic materials sector led the gains with a notable 3.35% jump, signaling growing optimism in that segment. Technically, the index maintains a bullish stance, trading well above its 21-period Simple Moving Average (SMA). The Relative Strength Index (RSI) currently stands at 72.39, indicating solid market momentum with some room for further gains before reaching overbought conditions. The index is currently testing a key support level around 25,700. Holding above this threshold is crucial to sustaining the rally. A breakdown below this level could prompt a pullback, with additional support zones near 25,400 and 25,200 on the weekly chart.
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