Canadian stocks moved mostly higher on Friday

Index Update:  The benchmark S&P/TSX Composite Index showed a lack of direction early in the session but climbed firmly into positive territory as the day progressed. The index climbed 222.53 points or 0.7 percent to a new record closing high of 33,817.51.

Macro Update:  The strength that emerged on Bay Street came after the U.S. Supreme Court struck down most of President Donald Trump's sweeping global tariffs, delivering a major blow to the president's signature economic policy. The nation's highest court ruled in a 6-3 decision that the International Emergency Economic Powers Act, or IEEPA, does not authorize the president to impose tariffs. However, the court's decision does not address whether the more than $130 billion in tariffs that has already been collected should be refunded, with Justice Brett Kavanaugh predicting "that process is likely to be a mess. The earlier volatility came after Statistics Canada released a report showing Canadian retail sales decreased 0.4 percent. Sales fell in three of the nine subsectors, led by decreases at motor vehicle and parts dealers. Statistics Canada said core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, dipped by 0.3 in December. A separate Statistics Canada report said its Industrial Product Price Index jumped 2.7 percent month-over-month in January and surged 5.4 percent year-over-year.

Top Movers:  Gold’s rally above 5,000 dollars per ounce supported miners, lifting Agnico Eagle 4.1%, Barrick Gold 4% and Wheaton Precious Metals 2.3%, as firm bullion prices improved cash flow expectations across the sector. Energy stocks also advanced in line with crude’s push toward monthly highs, with Canadian Natural Resources, Suncor Energy, Imperial Oil, and Cenovus Energy posting solid gains between 1.7% and 3.4%.

Our Stance:  Momentum indicators also remain favorable, with the 14-period RSI at 60.45—reflecting steady buying interest while staying below overbought territory. Price action is currently consolidating near the 33,500-support zone. Holding above this level would maintain the positive bias, whereas a decisive breakdown could expose downside risk toward the 33,200–33,000.

Commodity Update:  The U.S. dollar eased in Asian trade on Monday as markets awaited a clearer direction on Washington’s tariff policy. Safe-haven demand strengthened after fresh global tariff announcements and recent U.S. economic data, supporting bullion for a fourth straight session. Gold climbed 1.94% to USD 5,179.50, silver surged 5.90% to USD 87.20, and copper gained 0.46% to USD 12,983.00. Brent crude slipped 1.00% to USD 71.03 amid U.S.-Iran nuclear talk expectations and trade uncertainty.

Technical Update:

The S&P/TSX Composite Index advanced 0.61% on Friday to close at 33,594.98, supported by solid trading volumes that signal healthy investor participation and sustained bullish momentum. The strength in turnover suggests continued confidence in the prevailing uptrend. From a technical perspective, the index remains comfortably above its 21-period Simple Moving Average (SMA), which continues to function as dynamic support and reinforces the constructive structure. Momentum indicators also remain favorable, with the 14-period RSI at 60.45—reflecting steady buying interest while staying below overbought territory. Price action is currently consolidating near the 33,500-support zone. Holding above this level would maintain the positive bias, whereas a decisive breakdown could expose downside risk toward the 33,200–33,000.