For the third time in four weeks the TSX Composite Index fell lower for the first week of July. The Canadian dollar continued its advance on Friday rising more than half a cent to 77.6 cents (US) as traders anticipate the Bank of Canada will raise rates shortly.
Losses for the week came in at 155 points lower with the TSX Composite Index now at its lowest level in seven and a half months.
But the close was dramatic as earlier in the day the index was down 150 points and below 15,000.
The June unemployment numbers showed a gain of 45,300 jobs being added. Many analysts felt that the June numbers were strong enough to push the Bank of Canada to finally raise rates. Investors reacted negatively.
The 10 year bond yield reached its higher level since June 2015 at 1.884 percent. So is 15,000 the bottom of the pullback? Let’s look at the past week and Friday’s numbers to see the prediction for the second week of July.
The TSX Composite Index Market Breadth Outlook for Tomorrow is for FullyInformed Members.
TSX Composite Index Market Breadth Outlook for Jul 10 2017
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