Canadian stocks climbed on Thursday

Index Update:  After opening above yesterday's close, today the benchmark S&P/TSX Composite Index traded positively through the session before settling at 33,002.70, up by 151.17 points (or 0.46%).

Macro Update: Since August 2025, Canadian exports have been suffering 35% tariffs on their exports to the U.S. Trump had already closed all doors on pursuing trade talks with Canada. The chances of the U.S. renewing the Canada-United States-Mexico free-trade pact also appear slim after Trump had earlier hinted at U.S. withdrawal. The Canadian Federation of Independent Business' Barometer long-term index today slipped slightly to 59.5 in January 2026, just below December's three-year high of 59.9. Data released by Statistics Canada today revealed that new housing prices in Canada fell by 0.2% month-on-month in December 2025 after being flat in the previous month, matching market estimates.

Top Movers:  Among the individual stocks, Seabridge Gold Inc (12.62%), Discovery Silver Corp (12.21%), New Gold Inc (11.98%), Ssr Mining Inc (11.97%), and Quebecor Inc (2.74%) were the prominent gainers.

Our Stance: Momentum indicators remain favorable, with the 14-period RSI at 67.11, reflecting sustained buying interest without entering overbought territory. The index is consolidating near the critical 32,900 support level; holding above this zone is essential to maintaining positive sentiment, while a decisive break could trigger a corrective move toward the 32,700–32,600 range.

Commodity Update:  The U.S. dollar was on track for its biggest weekly fall in a year after comments and reversals by Donald Trump unsettled investors. The Japanese yen traded near one-week lows ahead of the Bank of Japan policy decision. Gold rose 1.14% to USD 4,963.60, silver climbed 2.81% to USD 99.05, and copper gained 1.19% to USD 12,929.00. Brent crude slipped 1.80% to USD 64.06 as geopolitical concerns eased.

 Technical Update: 

The S&P/TSX Composite Index posted solid gains on Thursday, rising 151.17 points (+0.46%) to close at 33,002.70, supported by healthy trading volumes that underscore strong investor participation and reinforce the prevailing bullish momentum. Technically, the index continues to exhibit a constructive upward structure, trading well above its 50-period Simple Moving Average (SMA), which remains a key dynamic support for the ongoing uptrend. Momentum indicators remain favorable, with the 14-period RSI at 67.11, reflecting sustained buying interest without entering overbought territory. The index is consolidating near the critical 32,900 support level; holding above this zone is essential to maintaining positive sentiment, while a decisive break could trigger a corrective move toward the 32,700–32,600 range.