Latest from RobotFX: important news impacting currency trading.
The S&P/TSX Composite Index slipped 0.2% to close at 34,412 on Tuesday, pressured by declines in the mining, energy, and technology sectors. Mining stocks fell as gold prices weakened amid expectations that the Federal Reserve will maintain a hawkish policy stance. Agnico Eagle eased 1.9%, Barrick Gold declined 1.4%, and Wheaton Precious Metals dropped 2.6%.
Energy names also retreated as oil prices pulled back after Israel and Iran agreed to halt attacks following a renewed flare-up in hostilities. Canadian Natural Resources fell 3.6%, while Suncor Energy lost 3%.
In technology, Shopify slipped 0.5% and Celestica dropped 4.9%. A spate of new equity offerings from companies looking to raise capital to fund AI-related investments stoked concerns about whether demand will be sufficient to absorb the additional supply and how that might affect valuations.
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Investors were also focused on the Bank of Canada’s policy announcement due Wednesday, with policymakers widely expected to leave interest rates unchanged.
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