Canadian stocks extending the gains from past two sessions

Index Update:  After opening just above yesterday's close, today the benchmark S&P/TSX Composite Index remained volatile throughout the session before settling at 33,144.98, up by 142.28 points (or 0.43%).

Macro Update:  Determined to discover non-U.S. marketplaces for Canadian exports, Canadian Prime Minister Mark Carney recently completed a four-day trip to China where he reset the trade ties between the two countries, flew to Qatar to reach a bilateral agreement on trade, defense and security, and then headed to the WEF in Switzerland. Data released by Statistics Canada today revealed that retail sales in Canada are estimated to have fallen 0.5% month-over-month in December 2025, which, if true, would mark the sharpest monthly decline in three months. Rebounding from two months of decline, retail sales jumped 1.3% in November. Retail sales increased 3.10% in November 2025 over the same month in the previous year. According to preliminary estimates, manufacturing sales likely rose 0.5% in December 2025.

Top Movers:  Among the individual stocks, Capstone Mining Corp (8.78%), Aya Gold and Silver Inc (6.42%), Discovery Silver Corp (6.40%), Celestica Inc (3.81%), Paramount Resources Ltd (3.71%), and Birchcliff Energy Ltd (2.53%) were the prominent gainers.

Our Stance: Momentum conditions stay supportive, with the 14-period RSI at 69.26, suggesting strength without clear signs of excess. Price action is consolidating near the 32,900 support area; sustained holding above this level would help preserve the positive tone, while a decisive break may open the door for a pullback toward the 32,700–32,600 zone.

Commodity Update:  The Japanese yen strengthened sharply, pressuring the U.S. dollar across global markets, as rate checks heightened investor caution over the possibility of the first coordinated U.S.–Japan currency intervention in 15 years. Gold climbed 1.79% to USD 5,106.80, silver jumped 6.31% to USD 107.73, and copper edged up 0.06% to USD 13,178.60. Brent crude rose 0.18% to USD 66.00, following a gain of over 2.00% in the previous session.

Technical Update:

The S&P/TSX Composite Index extended its advance on Thursday, gaining 142.28 points, or 0.43%, to close at 33,144.98, with firm volumes indicating broad-based participation. The index continues to maintain a constructive upward structure, trading comfortably above its 50-period Simple Moving Average, which remains an important dynamic support. Momentum conditions stay supportive, with the 14-period RSI at 69.26, suggesting strength without clear signs of excess. Price action is consolidating near the 32,900 support area; sustained holding above this level would help preserve the positive tone, while a decisive break may open the door for a pullback toward the 32,700–32,600 zone.