Canadian stocks ended nearly flat on Thursday

index Update:  After opening below yesterday's close, today the benchmark index-txcx">S&P/TSX Composite index remained volatile throughout the session giving back early gains before settling at 33,912.93, down by 42.18 points (or 0.12%).

Macro Update:  On the economic front, data released by Statistics Canada today revealed that producer prices jumped 2.40% month over month in March following a 0.60% increase in February and above projections of 1.60% with a record 27.40% surge seen in prices of energy and petroleum products due to the ongoing closure of Strait of Hormuz. On a year-on-year basis, producer prices soared 7.80% in March after a 5.60% surge in February.

Top Movers:  Among the individual stocks, Waste Connections Inc (8.26%), Mullen Group Ltd (6.81%), Canadian Pacific Kansas City Limited (5.62%), Canadian National Railway Company (4.38%), and Paramount Resources Ltd (3.03%) were the prominent gainers.

Our Stance:  The broader trend points toward consolidation, as price action lacks a clear breakout trigger. Immediate support is placed near 33,800; a sustained move below this level could weaken sentiment and expose the index to a deeper pullback toward the 33,500 zone. 

Commodity Update:  The dollar is set for its first weekly gain in three weeks as stalled U.S.–Iran peace talks and ongoing tensions support safe-haven Demand. Iran’s actions in the Strait of Hormuz and uncertainty around shipping routes kept oil prices elevated. Brent Crude rose 1.00% to USD 106.27, heading for strong weekly gains. Meanwhile, gold fell 0.67% to USD 4,693.90, silver declined 0.61% to USD 75.04, and copper slipped 0.67% to USD 13,258.00 amid firm dollar pressure and cautious global risk sentiment.

Technical Update:

On Thursday, the S&P/TSX Composite index declined by 42.18 points (0.12%) to close at 33,912.93, though the overall session tone remained mixed rather than decisively negative. From a technical perspective, the index continues to hold above its 50-period Simple Moving Average (SMA), which is acting as a dynamic support level and helping maintain a constructive near-term bias. Momentum remains stable, with the 14-period Relative Strength index (RSI) near 57.52, indicating underlying strength while still leaving room for additional upside. However, the broader trend points toward consolidation, as price action lacks a clear breakout trigger. Immediate support is placed near 33,800; a sustained move below this level could weaken sentiment and expose the index to a deeper pullback toward the 33,500 zone.