FX.co ★ TSX Struggles for Direction

The S&P TSX Composite Index remained slightly below the breakeven point near the 32,140 level on Thursday. This stagnation was primarily due to declines in the mining sector, which overshadowed gains in the energy and financial sectors. Leading mining companies, including Barrick (down 1.5%), Wheaton Precious Metals (down 1.9%), and Franco-Nevada (down 1.2%), faced downward pressure following a retreat in gold prices. Additionally, the market was preparing for futures selling in anticipation of a commodity index rebalancing scheduled to start on Friday. Conversely, energy stocks received a boost from rising oil prices, which partially recovered from losses earlier in the week, despite ongoing concerns about the potential increase in global supply if the US successfully influences Venezuelan oil reserves. Meanwhile, major financial institutions traded positively. Market participants are now focused on Friday's December employment report, which is expected to provide greater insight into the Bank of Canada's forthcoming policy decisions. Separately, Prime Minister Mark Carney is planning a visit to China next week, as Canada seeks to diversify its trade relationships in response to the heavy tariffs imposed by the US.