FX.co ★ TSX Extends Recovery

The S&P/TSX Composite Index experienced a solid gain of 0.8%, closing at 24,068 on Tuesday. This performance outpaced its U.S. peers as investors responded positively to a surprising drop in inflation, with the year-over-year rate decreasing to 2.3% in March from 2.6% in February. This figure was significantly lower than both market predictions and the Bank of Canada's estimates. The noteworthy reduction in inflation bolsters expectations for more accommodating monetary policies. Moreover, the possibility of temporary exemptions from President Trump's proposed 25% auto tariffs adds a favorable dimension for Canadian manufacturers and their supply networks. Leading the charge were tech-sector heavyweights, notably Shopify and Celestica, with shares climbing 2.2% and 2.8%, correspondingly. Financial heavy hitters like RBC, TD Bank, Brookfield, BMO, and Scotiabank saw gains ranging from 0.5% to 1.1%. Among major mining firms, Agnico Eagle Mines and Wheaton Precious Metals recorded increases of 2.5% and 1.9%, respectively.