FX.co ★ TSX Rises on GDP Estimates and Oil Retreat

The TSX climbed 1.9% to close at 33,964 on Thursday, boosted by softer oil prices and fresh economic data. A flash estimate indicated that Canada’s GDP expanded 0.4% in the first quarter, even as growth stalled in March. The retreat in oil prices helped ease pressure on financials and the broader index, supporting the Bank of Canada’s decision to keep interest rates on hold amid well-anchored inflation expectations. Among major banks, BMO advanced 1.9%, TD gained 2.3%, and Royal Bank of Canada added 2%. Gold prices strengthened on a weaker US dollar, lifting mining stocks: Agnico Eagle rose 1.8% and Barrick climbed 1.5%. In contrast, Shopify slipped 0.7%, weighed down by uncertainty around Meta’s earnings in the US.