On Wednesday, Canada’s main stock index closed slightly higher as industrial and technology shares rose. However, the upward movement was limited, anticipating the release of domestic jobs data later this week, offering potential insights into the Bank of Canada’s policy outlook.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) rose 11.44 points, or 0.1%, to 20,969.18.
The Canadian jobs report, due on Friday, is expected to show that the economy added 15,000 jobs in January.
“The report will be in focus to get a sense of wage growth in Canada, which is stickier than in the United States and is potentially feeding into services inflation,” said Angelo Kourkafas, investment strategist at Edward Jones Investments.
On January 24, members of the Bank of Canada’s governing council decided to keep the key overnight interest rate unchanged. They were concerned about cutting borrowing costs too soon in the face of persistent inflation, as indicated by the minutes.
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