FX.co ★ TSX Rises Ahead of Major Policy Decisions

The S&P/TSX Composite Index experienced an uptick of approximately 0.3%, reaching above the 31,250 threshold on Tuesday as investors eagerly anticipated Wednesday’s announcements from the US Federal Reserve and the Bank of Canada. Market participants are factoring in a potential 25 basis point reduction by the Fed, while they expect the Bank of Canada to maintain its current rate stance for an extended period. The financial sector spearheaded the overall gains, with both Brookfield and Manulife advancing by over 1%, and major banks demonstrating solid performance. In the technology sector, Shopify excelled, climbing about 1.5%, and within the energy sector, Imperial Oil increased by roughly 1%, leading its peers. Meanwhile, the price of gold rose, providing support to miners linked to bullion, which assisted in offsetting broader weaknesses in the materials sector.