Canadian stocks rose to scale new peaks on Thursday

Index Update:  After opening above yesterday's close, today the benchmark S&P/TSX Composite Index remained volatile throughout the session before settling at 33,028.92 up by 112.45 points (or 0.34%). Notably, this is a new record, closing high for the index.

Macro Update:  Carney is in China on a four-day visit with an aim to mend the strained ties between the two nations and boost bilateral cooperation in trade, agriculture, and international security. In the U.S., recent data releases have trimmed expectations of another rate cut by the U.S. Federal Reserve at its upcoming meeting this month-end.

Top Movers:  Among the individual stocks, Bombardier Inc (7.17%), Finning Intl (5.43%), Mda Ltd (4.55%), Colliers International Group Inc (2.88%), Boralex Inc (3.37%), and Endeavor Silver Corp (3.21%) were the prominent gainers.

Our Stance: Price action is consolidating near the key 32,900 support zone, a critical level for maintaining positive sentiment and trend stability. As long as the index holds above this support, the bullish bias remains intact; however, a decisive break below 32,900 could weaken momentum and trigger a corrective move toward the 32,700–32,600 range.

Commodity Update:  The U.S. dollar was set for a third straight weekly gain on Friday, supported by firm U.S. economic data that reduced expectations of near-term Federal Reserve rate cuts. Gold declined 0.59% to USD 4,596.70, silver fell 2.74% to USD 89.81, and copper slipped 1.25% to USD 12,974.00. Brent crude edged down 0.05% to USD 63.73, with both Brent and WTI largely steady as geopolitical risk premiums eased.

 Technical Update:

On Thursday, the S&P/TSX Composite Index rose 112.45 points (+0.34%) to close at 33,028.92, supported by healthy trading volumes that signal strong investor confidence and sustained bullish momentum across the broader market. Technically, the index continues to trade comfortably above its 21-period Simple Moving Average (SMA), reinforcing the strength of the prevailing short-term uptrend and indicating ongoing buying interest on minor pullbacks. The 14-period Relative Strength Index (RSI) stands at 73.36, reflecting robust upside momentum and strong demand, while approaching overbought territory, which may prompt some near-term caution. Price action is consolidating near the key 32,900 support zone, a critical level for maintaining positive sentiment and trend stability. As long as the index holds above this support, the bullish bias remains intact; however, a decisive break below 32,900 could weaken momentum and trigger a corrective move toward the 32,700–32,600 range.