Canada Stocks Close Up, Low Inflation Buoy's Stocks; All Sectors Higher; TSX Hit 2-Year High

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Canada stocks closed higher on Friday, up 99.73 points, notching up a two year high. All sectors were higher with Metals and Mining and Telecom leading the broader index.

Stocks were given a boost early after Canada reported tame inflation. Canada's annual inflation rate held steady last month, suggesting that the Bank of Canada has plenty of room to maintain its low interest rate policy. Annual inflation was 1.1 percent in September, the same as the month before, according to Statistics Canada.

The technical picture for the TSX is robust with the MACD (moving average convergence divergence index) printing in positive territory with a upward sloping trajectory. A warning sign could be the RSI (relative strength index) which is printing at 70, which is the trigger for an overbought condition.

Eastern Platinum Limited (ELR.TO) was the most active share on the TSX, with no specific fresh stock news driving volume. The stock close unchanged with 16 million shares changing hands.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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