Canadian Stocks Surged to New Record High

Index Update:  The benchmark S&P/TSX Composite Index surged early in the session and remained firmly positive throughout the day before ending the day at a new record closing high of 33,389.73, up 493.18 points or 1.5 percent.

Macro Update:  The dollar held near a two-week high after the Federal Reserve's January meeting minutes showed officials remain divided about the outlook for interest rates, with many members cautioning that disinflation may be slow and uneven. A slew of U.S. economic data, including reports on weekly jobless claims, the trade deficit and pending home sales will be in the spotlight later in the day ahead of Friday's crucial inflation report.

Top Movers:  Gold’s rally above 5,000 dollars per ounce supported miners, lifting Agnico Eagle 4.1%, Barrick Gold 4% and Wheaton Precious Metals 2.3%, as firm bullion prices improved cash flow expectations across the sector. The best performers of the session on the S&P/TSX Composite were Shopify Inc (TSX:SHOP), which rose 7.60% or 11.77 points to trade at 166.57 at the close. Meanwhile, Colliers International Group Inc Bats (TSX:CIGI) added 6.06% or 9.12 points to end at 159.55 and Bombardier Inc (TSX:BBDb) was up 5.89% or 14.97 points to 268.98 in late trade.

Our Stance:  Momentum indicators are constructive, with the 14-period RSI at 58.47, signaling steady buying interest without entering overbought territory. Price action is consolidating near the 33,300 level, a critical support zone. Holding above this area would preserve the positive bias, while a decisive break below could trigger a pullback toward the 33,000–32,900 range.

Commodity Update:   The U.S. dollar edged higher on Thursday after minutes from the Federal Reserve indicated policymakers remain cautious, keeping the possibility of further rate action on the table. Sterling weakened as data pointed to moderating UK inflation. In commodities, gold declined 0.42% to USD 4,988.30, silver fell 0.69% to USD 77.06, and copper slipped 0.45% to USD 12,871.60. Brent crude eased 0.20% to USD 70.23, consolidating after the previous session’s sharp 4% surge.

Technical Update:

The S&P/TSX Composite Index advanced strongly on Wednesday, rising 493.18 points (+1.50%) to close at 33,389.73, supported by solid trading volumes that reflect healthy investor participation and sustained bullish momentum. Technically, the index remains well-positioned above its 50-period Simple Moving Average (SMA), which continues to serve as key dynamic support within the prevailing uptrend. Momentum indicators are constructive, with the 14-period RSI at 58.47, signaling steady buying interest without entering overbought territory. Price action is consolidating near the 33,300 level, a critical support zone. Holding above this area would preserve the positive bias, while a decisive break below could trigger a pullback toward the 33,000–32,900 range.