FX.co ★ TSX Struggles to Hold on to Record Highs

The S&P TSX Composite Index advanced to surpass the 32,900 mark for the first time on Wednesday, pushed by robust performances from resource-oriented companies. Key players such as Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus experienced gains ranging from 1% to 1.7%, driven by rising oil prices and a reduced focus on increased U.S. investment in Venezuelan oilfields, which has brightened the outlook for Canadian supply. The mining sector also contributed to the rise, with Barrick and Wheaton Precious Metals climbing over 0.5%, as gold prices were bolstered by persistent safe-haven demand due to geopolitical tensions in Iran. Additionally, optimism surrounding AI-driven demand continued to support base metals and the broader mining sector in Toronto. However, gains were tempered by pressures on technology and financial stocks, which limited the index's upward momentum. Concurrently, Prime Minister Carney was preparing to engage in discussions with Chinese authorities in Beijing, following new data revealing a significant 10.4% decline in Canadian exports to China projected for 2025.