- TSX Composite closed at 36,106, down just 0.09%, significantly outperforming the S&P 500 (-0.40%) and NASDAQ (-0.91%) thanks to energy sector strength.
- WTI crude rose 0.36% to US$89.06/bbl (C$127.00), lifting Cenovus +1.4% and Canadian Natural Resources +1.1% on above-average trading volume.
- Copper’s 1.93% single-session drop to US$6.0630/lb hit Teck Resources (-2.8%) and First Quantum (-3.1%), making Materials the TSX’s worst-performing sector.
- Canada’s October CPI and U.S. retail sales data, both at 8:30 AM ET Monday, are the most important near-term catalysts for TSX direction next week.
The TSX Composite closed at 36,106 on Friday, November 13, 2026, down 0.09% — a loss of roughly 33 points on below-average volume as investors squared positions heading into the weekend. The index’s resilience was notable given that Wall Street fared considerably worse: the S&P 500 fell 0.40% to 7,562 and the NASDAQ shed 0.91% to 25,136, dragged lower by rate-sensitive tech names. Canada’s commodity-heavy benchmark found enough support in crude oil to keep the damage contained.
Winners: Energy Leads, Crude Climbs
WTI crude added 0.36% to US$89.06 per barrel (C$127.00/bbl at today’s 1.4258 rate), while Brent settled up 0.50% at US$96.30/bbl (C$137.30/bbl). The move was fuelled by a tighter-than-expected weekly U.S. inventory draw and renewed supply discipline signals from OPEC+ members ahead of the group’s December ministerial meeting. Canadian integrated producers and pipeline names were the session’s standout performers, with the TSX Energy sub-index among the top-gaining sectors on the day. Cenovus Energy (CVE) added 1.4% to close at C$32.18, while Canadian Natural Resources (CNQ) gained 1.1% to C$47.55, both on volume running roughly 15% above their 30-day averages — a signal of conviction, not just window-dressing.
Losers: Metals Complex Takes the Hit
Copper was the session’s most damaging story for the TSX, sliding 1.93% to US$6.0630/lb (C$8.643/lb) — its steepest single-day decline in six weeks. The selloff was attributed to disappointing industrial output data out of China and a firmer U.S. dollar pressuring base metals across the board. Teck Resources (TECK.B) dropped 2.8% to C$61.40, and First Quantum Minerals (FM) fell 3.1% to C$18.92, making the TSX Materials sub-index the worst-performing sector of the day. Silver compounded the pain, tumbling 2.57% to US$48.69/oz (C$69.44/oz), its sharpest retreat since late September, pulling silver royalty and junior mining names lower in sympathy. Gold was comparatively stable, easing just 0.13% to US$3,880.40/oz (C$5,532.26/oz), providing a partial buffer for senior gold producers like Agnico Eagle (AEM), which ended the session down a modest 0.4%.
The Key Driver: China Data Disappoints, Dollar Firms
The session’s dominant macro theme was a weaker-than-forecast Chinese industrial production print for October, which came in at 4.6% year-over-year against a consensus estimate of 5.3%. That single data point rippled through copper, silver, and iron ore simultaneously, reinforcing concerns that Beijing’s stimulus measures have yet to translate into hard commodity demand. A simultaneous uptick in the U.S. Dollar Index (DXY) above 106.5 added a second headwind, making dollar-denominated commodities more expensive for foreign buyers and amplifying the selling pressure on the TSX Materials sector.
What to Watch Monday, November 16
Three catalysts deserve attention before Monday’s open. First, Canada’s October CPI print arrives at 8:30 AM ET — consensus sits at 2.3% year-over-year, and any surprise to the upside could force a re-pricing of Bank of Canada rate-cut expectations currently baked in for Q1 2027. Second, U.S. retail sales data for October hits at the same time, a key read on consumer resilience that will set the tone for the S&P 500 and, by extension, TSX sentiment. Finally, watch overnight developments in copper futures on the Shanghai exchange — if Chinese authorities respond to today’s weak data with fresh stimulus language over the weekend, a Monday bounce in materials names is entirely plausible. Energy traders will also monitor Sunday evening’s preliminary OPEC+ compliance report, which could either extend CVE and CNQ’s gains or reverse them sharply.
