Index Update:  Canadian stocks pulled back on Thursday, surrendering some of the previous session’s gains after a diplomatic breakthrough in the U.S.-Iran conflict. The decline came as crude oil prices rebounded amid renewed concerns over supply disruptions, following Iran’s move to restrict vessel traffic through the Strait of Hormuz. After opening below yesterday's close, today the benchmark S&P/TSX Composite gained ground early in the session but lost momentum to trade lower throughout the rest of the session before settling at 33,477.71, down by 142.86 points (or 0.42%).

Macro Update:  U.S. President Donald Trump agreed to a two-week ceasefire in the U.S. war with Iran that began on February 28. While Trump consented to halt strikes on Iran, Iran conceded to reopen the Strait of Hormuz as per the ceasefire plan.

Top Movers:  Among the individual stocks, Blackberry Limited (7.36%), Power Corporation of Canada (2.65%), National Bank of Canada (1.70%), Onex Corporation (1.60%), Aecon Group Inc (4.89%), and Bird Construction Inc (4.81%) were the prominent gainers.

Our Stance:  The broader technical structure still points to a consolidation phase, with immediate support located around 31,131 points and near-term resistance identified near 34,545 points.

Commodity Update:  On Friday, the U.S. dollar was set for its biggest weekly decline since January as global currencies strengthened on hopes that the Gulf ceasefire would hold and oil shipments would resume. However, caution remained ahead of key talks scheduled this weekend. Gold declined 0.96% to USD 4,771.30 per ounce, while silver dropped 1.11% to USD 75.58. Copper edged up 0.09% to USD 12,707.00. Brent crude rose 0.87% to USD 96.75 amid continued concerns over Saudi energy infrastructure and the Strait of Hormuz.

Technical Update:

On Thursday, the S&P/TSX Composite Index declined by 142.86 points, or 0.42%, to settle at 33,477.71, following a test of the ascending trendline drawn from April 2025 from below. Despite this pullback, the session occurred on lighter volume, and the index continues to trade above the gap formed on 8 April, reinforcing a constructive near-term outlook. Furthermore, the 14-period Relative Strength Index (RSI) remains above its midpoint, lending additional support to the positive bias. That said, the broader technical structure still points to a consolidation phase, with immediate support located around 31,131 points and near-term resistance identified near 34,545 points.

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