Tuesday, March 21, was another unnerving day for many Canadian investors. The Toronto Stock Exchange (TSX), which is Canada’s main stock market index, dropped more than 3% and the loonie fell to almost a three-week low against the U.S. dollar as oil prices continued to plunge and scare investors already concerned about COVID-19’s economic damage.
TSX’s composite index officially closed the eventful day down 3.1%. Prior to this setback, this index had rebounded almost 30% from its March 23 low. What may happen next to the TSX after such a rattling day? Especially after such a large rebound before? Reuters recently spoke with Sightline Wealth Management Senior Vice President and Investment Advisor Paul de Sousa for insights on the answer to this question.
“The future is still undefined, not clear and I think there is now a lot of money coming off the table, especially now with that great rebound and what is happening with oil,” de Sousa explained to the publication.
To read the entire Reuters article featuring Sightline’s Paul de Sousa, click here.
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