Canadian stocks showed a notable turnaround over the course of the session

Index Update:  The benchmark S&P/TSX Composite Index climbed well off its early lows and firmly into positive territory, closing up 205.25 points or 0.6 percent at a new record closing high of 33,594.98.

Macro Update:  The U.S. government will issue its first estimate of gross domestic product for the fourth quarter, a period that included the longest-ever federal government shutdown. Services PMI and personal income data will also be in the spotlight along with other reports on new home sales and consumer sentiment. An uptick in the Core PCE Price Index, the Fed's preferred inflation gauge, may temper expectations of a June Fed rate cut.

Top Movers:  Crude’s rebound lifted producers across the board, with Cenovus Energy jumping 4%, Imperial Oil up 2%, Canadian Natural Resources gaining 2% and Suncor Energy advancing 1.7%, amid higher prices amid Middle East supply risks. Gold miners also added support with bullion holding above $5,000, as Agnico Eagle Mines rose 1.7% and Barrick Gold edged 0.6% higher.

Our Stance:  Momentum remains constructive, with the 14-period RSI at 60.45, indicating steady buying interest without overbought conditions. Price action is consolidating near the 33,500-support zone; holding above this level preserves the positive bias, while a decisive break could open the door to a pullback toward the 33,200–33,000 range.

Commodity Update:  The U.S. dollar headed for its strongest weekly gain since October, supported by upbeat economic data and a firmer Federal Reserve stance, while geopolitical tensions between Washington and Tehran kept investors cautious. Fresh data showed U.S. jobless claims fell more than expected, highlighting labour market resilience. Gold rose 0.33% to USD 5,014.10, silver gained 0.49% to USD 78.01, copper edged up 0.09%, and Brent crude climbed 0.30% to USD 71.87.

Technical Update:

The S&P/TSX Composite Index advanced on Thursday, rising 0.61% to close at 33,594.98, supported by solid trading volumes that reflect healthy investor participation and sustained bullish momentum. Technically, the index remains comfortably above its 21-period Simple Moving Average (SMA), which continues to act as dynamic support within the prevailing uptrend. Momentum remains constructive, with the 14-period RSI at 60.45, indicating steady buying interest without overbought conditions. Price action is consolidating near the 33,500-support zone; holding above this level preserves the positive bias, while a decisive break could open the door to a pullback toward the 33,200–33,000 range.