The outlook for stocks on the Toronto Stock Exchange for Monday Nov 10 2014 was for stocks to move higher, especially if the US dollar moved lower. During the morning the TSX moved higher on the back of positive economic signals out of China.
However a continuation of the slide in both oil and gold began to erode the gains made on Toronto. At one point the TSX went negative but managed to recover and closed up modestly by $18.97 to 14,709.80. A great part of the decline in oil and gold prices was the rise of the US dollar during the day. Originally the Canadian dollar was gaining against the US dollar. However those gains were erased during the day and the Canadian dollar closed down 0.32 of a cent at $87.92.
Until the US dollar’s rise ends or at least stalls, the Toronto Stock Exchange will have difficulty recovering to the old highs from earlier this year. The gold sector on the TSX is down over 17 percent in the last 30 days and with inflation seemingly non-existent, gold appears ready to break the $1100.00 level shortly.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 11 2014
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