Index Update:  After opening higher than yesterday's close, the benchmark S&P/TSX Composite Index traded firmly positive throughout the session before finally closing at 30,186.28, up by 203.30 points (or 0.68%).

Macro Update: Prime Minister Mark Carney announced that the Canada Growth Fund will invest $2 billion to support the construction of four Small Modular Reactors (SMR) at the Darlington New Nuclear Project in Bowmanville, Ontario to boost industrial growth and drive more jobs. In his maiden budget to be tabled on November 4, Carney is focusing on measures to reduce economic and security reliance on the U.S. and restrict a lot of wasteful spending. Data released by Statistics Canada today revealed that retail sales excluding autos in Canada increased 0.7% month-over-month in August. The Bank of Canada is due to announce its latest decision on interest rates on October 29.

Top Movers: Among the individual stocks, Baytex Energy Corp (5.02%), International Petroleum Corp (4.92%), Enerflex Ltd (4.27%), Torex Gold Resources Inc (3.29%), Methanex Corp (3.26%), and Discovery Silver Corp (3.13%) were the prominent gainers.

Our Stance: The index is currently consolidating near a key support zone around 30,100, and maintaining levels above this area will be crucial for preserving market confidence and the broader upward trend. Conversely, a decisive break below this support could signal weakening bullish momentum, potentially triggering a pullback toward 30,000 and 29,800.

Commodity Update: The U.S. dollar held steady on Friday, set for a modest weekly gain as markets awaited delayed inflation data ahead of next week’s expected Fed rate cut. Gold slipped 0.44% to USD 4,127.50, silver fell 0.96% to USD 48.23, and copper eased 0.29% to USD 10,815.70. Brent crude declined 0.80% to USD 65.45 but remained on track for a weekly rise amid U.S. sanctions on Russian oil majors.

Technical Update:

On Thursday, the S&P/TSX Composite Index climbed 203.30 points, or 0.68%, to close at 30,186.28. The advance was supported by strong trading volumes, reflecting sustained investor confidence and reinforcing the prevailing bullish momentum. From a technical standpoint, the index remains in a well-defined uptrend, trading comfortably above its 21-period Simple Moving Average (SMA), which continues to act as dynamic support. Momentum indicators also remain favorable, with the 14-period Relative Strength Index (RSI) at 54.55, indicating persistent buying pressure. The index is currently consolidating near a key support zone around 30,100, and maintaining levels above this area will be crucial for preserving market confidence and the broader upward trend. Conversely, a decisive break below this support could signal weakening bullish momentum, potentially triggering a pullback toward 30,000 and 29,800.

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