Canadian stocks on Tuesday surged to a new intra-day record

index Update:

Canadian stocks rebounded sharply on Tuesday, recovering the previous session’s losses and reaching a new intraday record high as investors reacted positively to U.S. President Donald Trump’s indication that negotiations between the United States and Iran would continue without interruption.

After opening just a little lower than yesterday's close, today the benchmark S&P/TSX Composite  Index gained momentum early in the session to trade firmly positive to reach a new intra-day record high of 35,176.77 before settling a little lower at 35,169.46, up by 434.57 points (or 1.25%).

Macro Update:

Canadian markets remained near record levels as investors balanced Recession concerns against strong Commodity, infrastructure, and AI-related Investment themes. Financials and resource stocks continue supporting the TSX.

Oil prices eased slightly after U.S. President Trump stated that discussions with Iran were still ongoing, helping reduce immediate concerns about a major energy Supply disruption through the Strait of Hormuz.

The Bank of Canada is widely expected to remain cautious on interest rates as growth slows and recession concerns increase, while economists continue expecting additional rate cuts later in 2026.

Canadian financials remain one of the strongest-performing TSX sectors in 2026, benefiting from stronger-than-expected Earnings and Capital-markets activity.

Top Movers:

Energy and Mining shares led gains as oil prices remained elevated despite retreating from Monday’s spike, while gold prices moved higher. Canadian Natural rose 2.8%, Imperial Oil gained 3%, and Cenovus advanced 4%. Among miners, Agnico Eagle added 1.3% and WPM gained 1.1%. Barrick climbed 2%

Our Stance:

The momentum remains constructive, with the 14-day RSI at 65.84, reflecting strong buying interest while remaining below overbought territory, leaving scope for additional gains. Immediate support is seen near 35,100, and a break below this level could trigger short-term consolidation toward 34,800. On the upside, a sustained move above 35,300 would confirm further strength and could pave the way for an advance toward the 35,500 level.

Commodity Update:  

The U.S. dollar strengthened on Wednesday as investors closely monitored developments in the Middle East and awaited key U.S. economic data for further clues on the Federal Reserve’s interest-rate outlook. Gold declined 0.26% to USD 4,512.40 per ounce, silver fell 0.33% to USD 75.30 per ounce, and copper eased 0.18% to USD 14,001.35 per tonne. Meanwhile, Brent Crude oil advanced 1.10% to USD 97.01 per barrel amid renewed regional tensions and a sharp decline in U.S. crude inventories.

Technical Update:

The S&P/TSX Composite Index advanced 434.57 points, or 1.25%, to close at 35,169.46, extending its recent upward momentum. Technically, the index remains above its 21-day Simple Moving Average (SMA), which continues to provide dynamic support and reinforces the broader bullish trend. Momentum remains constructive, with the 14-day RSI at 65.84, reflecting strong buying interest while remaining below overbought territory, leaving scope for additional gains. Immediate support is seen near 35,100, and a break below this level could trigger short-term consolidation toward 34,800. On the upside, a sustained move above 35,300 would confirm further strength and could pave the way for an advance toward the 35,500 level.