Canadian stocks slumped on Friday

Index Update: The benchmark S&P/TSX Composite Index traded firmly negative throughout the session before settling at 33,083.72, down by 526.25 points (or 1.57%).

Macro Update: In the U.S., data released by U.S. Labor Department today revealed that against the forecasts of a 59,000 gain, the economy shed 92,000 jobs in February (the highest in four months). In addition, the unemployment rate has risen to 4.4% in February, up from 4.3% in January, nearing November's four-year high of 4.5%. Despite recent clashes with Trump, Canadian Prime Minister Mark Carney stated yesterday that he could not rule out Canada participating in the war in support of the U.S. Reaffirming his support to the U.S. in its efforts to stop Iran from building nuclear weapons, Carney stated that "we will stand by our allies." The Ivey Purchasing Managers Index released by Ivey Business School rose to 56.6 in February from 50.9 in January, indicating economic expansion. However, the Employment Index eased to 49.4 from 51.1.

Top Movers:  Among the individual stocks, Curaleaf Holdings Inc (5.92%), Strathcona Resources Ltd (4.19%), George Weston Limited (2.27%), and Maple Leaf Foods (1.45%) were the prominent gainers.

Our Stance: Momentum remains subdued, with the 14-period RSI at 46.02, indicating mild negative momentum. On the downside, 32,700 serves as immediate support; a decisive break below this level could open the door for further consolidation toward 32,400 in the near term.

Commodity Update:  The U.S. dollar held broadly steady in early Asian trade on Friday and remained on track for its strongest weekly gain in over a year as rising Middle East tensions lifted demand for safe-haven assets. Gold advanced 1.19% to USD 5,141.55, silver surged 2.74% to USD 84.42, and copper gained 0.58% to USD 13,004.50. Brent crude slipped 1.33% to USD 84.27 as the U.S. granted waivers allowing Indian refiners to continue buying Russian crude to ease supply pressures. 

Technical Update:

The S&P/TSX Composite Index edged lower on Friday, closing at 33,083.72, as profit-taking cooled recent gains. Despite the modest pullback, the broader outlook suggests healthy consolidation rather than a trend reversal. The index continues to trade below its 21-period Simple Moving Average (SMA), which acts as dynamic resistance and reflects a cautious near-term structure. Momentum remains subdued, with the 14-period RSI at 46.02, indicating mild negative momentum. On the downside, 32,700 serves as immediate support; a decisive break below this level could open the door for further consolidation toward 32,400 in the near term.