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 benchmark S&P/TSX Composite Index swung back and forth across the unchanged line but closed up 174.72 points or 0.7 percent at 24,758.76.
Macro Update: Statistics Canada released a report showing Canadian employment inched up by just 1,100 jobs in February, while the unemployment rate was unchanged at 6.6 percent.
Job gains in wholesale and retail trade and finance, insurance, real estate, rental and leasing were largely offset by declines in professional, scientific and technical services and transportation and warehousing.
Meanwhile, the Labor Department released a report showing employment in the U.S. increased by slightly less than expected in the month of February.
Top Movers: The energy sector led the rebound, with Canadian Natural, Suncor, and Imperial Oil posting gains between 2% and 5.8%, while major mining equities also rallied.
Our Stance: Despite the gains, the index remains below its 21-period Simple Moving Average (SMA), signaling that the short-term downtrend is still in place. Traders should closely watch the immediate support level at 24,500. Holding above this level could open the door for a potential rebound, while a break below 24,300 would increase the likelihood of further downside.
Commodity Update: The dollar started Monday weak after significant losses last week, driven by concerns over a potentially weakening U.S. labour market and global trade tensions. U.S. President Trump's tariffs on top trading partners, though delayed for a month, added to fears of a slowing U.S. economy. Investors turned to safe-haven assets like the yen and Swiss franc. In commodities, gold rose 0.18% to $2,919.50, silver increased 0.26% to $32.89, and copper dipped 0.07% to $9,577.80. Brent crude dropped 0.40% to $70.10 due to weak inflation data from China and uncertainties surrounding U.S. trade tariffs.
Technical Update: On Friday, the S&P/TSX Composite Index climbed 174.72 points, closing at 24,758.76—a 0.71% gain that reflects strong investor confidence and heightened trading activity. The energy sector was a key driver, surging 2.35% on renewed optimism in energy stocks. Despite the gains, the index remains below its 21-period Simple Moving Average (SMA), signaling that the short-term downtrend is still in place. Traders should closely watch the immediate support level at 24,500. Holding above this level could open the door for a potential rebound, while a break below 24,300 would increase the likelihood of further downside. In that case, key support levels to monitor are 24,300 and 24,000, which will be critical in determining whether this is a temporary pullback or the beginning of a more significant decline.
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