FX.co ★ Canadian Market Slightly Higher In Cautious Trade

Energy, technology, and materials stocks are experiencing a modest uptick in the Canadian market amid a cautious atmosphere early Monday as investors anticipate key U.S. consumer price inflation data and the Federal Reserve's forthcoming monetary policy announcement.

While the Federal Reserve is not expected to adjust interest rates, attention is centered on the bank's accompanying statement for indications regarding future policy direction.

The S&P/TSX Composite Index has risen by 50.65 points, or 0.23%, to 22,057.65 recently.

Last Friday, the Canadian market concluded with significant losses, primarily due to a steep decline in the materials and real estate sectors. The diminished prospects for a Federal Reserve rate cut in September, following stronger-than-expected growth in U.S. non-farm payroll employment, also contributed to the downturn.

The S&P/TSX Composite Index closed 222.10 points, or 1%, lower at 22,007.00, narrowly above the day's low of 22,002.68.

Notable performers include RB Global Inc (RBA.TO), advancing nearly 7%, Ero Copper (ERO.TO), up by 5.8%, and Brookfield Renewable Corporation (BEPC.TO), gaining 4.1%.

Additionally, Precision Drilling Corporation (PD.TO), Celestica Inc (CLS.TO), Cargojet (CJT.TO), Tourmaline Oil Corp (TOU.TO), and Wheaton Precious Metals (WPM.TO) have appreciated by 2% to 4%.

Agnico Eagle Mines (AEM.TO), Franco-Nevada Corporation (FNV.TO), Kinaxis Inc (KXS.TO), Imperial Oil (IMO.TO), Descartes Systems Group (DSG.TO), and West Fraser Timber (WFG.TO) have also recorded gains of 1% to 2%.

Conversely, Dayforce (DAY.TO) has declined approximately 3.7%. Alimentation Couche-Tard (ATD.TO), BRP Inc (DOO.TO), Rogers Communications (RCI.B.TO), Endeavour Mining Plc (EDV.TO), Boralex (BLX.TO), and ATS Corporation (ATS.TO) have seen decreases ranging from 1.2% to 2.6%.