FX.co ★ TSX Retreats from Record High

On Wednesday, the S&P/TSX Composite Index declined by approximately 0.8%, dropping below the 32,150 mark. This dip followed two consecutive sessions of record highs, primarily influenced by significant downturns in mining and energy sectors. Gold producers were notably impacted, with Agnico Eagle, Barrick, and Wheaton Precious experiencing declines between 3% and 3.5%, as gold prices decreased more than 1% possibly due to profit-taking activities. Similarly, energy stocks underperformed; Canadian Natural, Suncor, and Cenovus fell by over 1%, compounding the week's losses after U.S. President Donald Trump indicated a potential reopening of Venezuelan crude oil imports. This development fueled worries about an increased supply and heightened competitive pressures on Canadian exporters. Despite these challenges, Prime Minister Mark Carney assured that Canadian crude oil continues to be a low-risk and competitive option, even in the event of rising Venezuelan exports. Concurrently, the upcoming Ivey PMI is anticipated to show a continued contraction in the activity of Canadian goods producers.