CANADIAN MARKET DAILY PULSE REPORT

Report Date: November 11, 2025

Nov 12, 2025

This report analyzes the performance of 170 Canadian equities, revealing a market sharply divided between resurgent resource sectors and a struggling technology landscape. Driven by commodity strength and disciplined capital allocation, energy and materials stocks are delivering explosive returns, while higher interest rates and company-specific challenges create headwinds for tech and media.

Key Sector Highlights:

Energy, Materials & Industrials (Group 1): This is the market’s powerhouse. Talon Metals Corp. (TLO.TO) leads with a staggering 418.75% one-year return, emblematic of the aggressive repricing of critical minerals. Energy producers like Spartan Delta Corp. (SDE.TO) and Vermilion Energy Inc. (VET.TO) also show exceptional strength, supported by robust technical indicators and positive sector dynamics. The mean INSTAT score of 56.62 signals a strongly bullish technical bias.
Consumer & Healthcare (Group 2): Performance is bifurcated. Aritzia Inc. (ATZ.TO) and Dollarama Inc. (DOL.TO) are clear leaders, with over 100% and 34% YTD gains respectively, benefiting from successful expansion and value-conscious consumer behavior. In contrast, discretionary names like MTY Food Group (MTY.TO) and Spin Master Corp. (TOY.TO) face severe technical deterioration.
Utilities, Financials & Real Estate (Group 3): This defensive grouping shows steady, constructive momentum. Power Corporation (POW.TO) is the standout performer, with a 53.30% YTD gain following a significant strategic rerating. Major banks and utilities like Royal Bank (RY.TO) and Fortis Inc. (FTS.TO) display strong technical foundations, making them core holdings for stability and income.
Media & Technology (Group 4): This is the market’s weakest link, with a negative aggregate INSTAT score. Extreme dispersion is evident: Celestica Inc. (CLS.TO) has soared 250% YTD on AI infrastructure demand, while established leaders like Constellation Software (CSU.TO) and Thomson Reuters (TRI.TO) face significant declines. The technical outlook for the group is cautious, requiring highly selective positioning.

Bottom Line: The Canadian market presents a tale of two economies. Investors should overweight exposure to technically confirmed names in energy, materials, and defensive financials/utilities. In the consumer and tech sectors, selectivity is paramount, with a preference for proven winners and a avoidance of names showing comprehensive negative momentum. All analysis is based on price return only and does not account for dividends.

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CRITICAL PERFORMANCE METRICS DISCLAIMER

All performance figures represent price return performance based on price change alone and do not account for dividends or interest payments, which are part of total return. This database does not collect distribution data, so total return analysis is not available for these instruments. This ensures fair representation of fund managers and instruments.

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Energy, Materials, Industrials (Data Grouping 1)

Data Grouping instruments analyzed = 98

Note on Performance Metrics: All performance figures represent price

return performance based on price change alone and do not account for

dividends or interest payments, which are part of total return. This

database does not collect distribution data.

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a) Performance Snapshot

|-----------|----------------------------|---------------|-------------------------------|---------------|

| 1-Day % | Kelt Exploration Ltd. (KEL.TO) | 6.35% | Standard Lithium Ltd (SLI.V) | -9.80% |

| YTD % | Talon Metals Corp (TLO.TO) | 361.11% | Constellation Software Inc. (CSU.TO) | -26.72% |

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b) Quantitative Anomalies & INSTAT Analysis

The energy sector demonstrates extraordinary volatility with several instruments showing remarkable price movements. Kelt Exploration delivered the strongest single-day performance at 6.35%, while Standard Lithium experienced significant pressure with a 9.80% decline, marking the most severe daily loss in this grouping. Over the weekly horizon, Vermilion Energy surged 22.71%, suggesting strong momentum in response to sector dynamics, while Constellation Software’s 8.78% weekly decline represents noteworthy weakness in the industrial software space. Monthly performance extremes are even more pronounced, with Spartan Delta Corp posting an exceptional 36.80% gain contrasted against Neo Performance Materials’ 16.03% decline.

The longer-term perspective reveals extraordinary divergence, particularly in specialty metals. Talon Metals Corp stands out with staggering YTD and one-year returns of 361.11% and 418.75% respectively, reflecting the market’s aggressive repricing of critical minerals exposure. INSTAT analysis shows maximum strength at +100 achieved by multiple energy and mining producers including Toromont Industries, Spartan Delta, and Barrick Mining, while the minimum reading of -98 appears in both West Fraser Timber and Ivanhoe Mines, signaling severe technical deterioration. The mean INSTAT across the 98 instruments registers at 48.56, with 72% of instruments showing positive scores. Several instruments display bullish cyclic patterns where long-term weakness contrasts with improving short-term momentum, particularly visible in Lundin Mining and HudBay Minerals.

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c) Bill Cara’s Technical Assessment & Sentiment Outlook

|---------|---------|---------|-------------|

| 12.89 | 14.27 | 29.46 | 56.62 |

The technical landscape reveals a constructive bias across this diverse grouping, with mean scores indicating strength across all timeframes but particularly in intermediate trends. Energy producers dominate the strongly bullish category, reflecting robust technical foundations supported by positive momentum. Strongly Bullish on Spartan Delta Corp (SDE.TO) with +100 INSTAT and exceptional performance across all periods including 36.80% monthly and 113.33% YTD gains; recommend 6-8% allocation for aggressive growth portfolios seeking energy exposure with strong technical confirmation. Strongly Bullish on Triple Flag Precious Metals Corp (TFPM.TO) with +100 INSTAT, 96.71% YTD performance, and uniformly positive momentum indicators; suitable for 7-9% allocation in portfolios seeking precious metals royalty exposure. Bullish on Lundin Mining Corporation (LUN.TO) with +69 INSTAT despite mixed AT/ST signals; the strong +50 IN score and exceptional 20.21% monthly gain suggest emerging momentum warrants 5-7% position for base metals diversification.

Strongly Bullish on Total Energy Services Inc. (TOT.TO) with +100 INSTAT and positive momentum across all timeframes; 12.19% monthly and 29.87% YTD returns support 5-7% allocation in oilfield services exposure. Strongly Bullish on Badger Infrastructure Solutions (BDGI.TO) with +99 INSTAT and exceptional 108.56% YTD performance; technical strength across all measures justifies 6-8% allocation for infrastructure and industrial services. Neutral on Imperial Oil (IMO.TO) despite +87 INSTAT; while technical scores are positive, the mixed intermediate momentum suggests waiting for clearer directional signals before establishing positions beyond 3-4% allocation. Bearish on West Fraser Timber (WFG.TO) with -98 INSTAT reflecting uniformly negative momentum and 33.99% YTD decline; recommend avoiding or reducing positions until technical improvement emerges.

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d) Contextual Information Compiled From Reputable Sources

Recent market developments provide important context for this grouping’s performance dynamics. Bank of Canada policy discussions continue to influence energy and materials sector sentiment, with inflation concerns creating mixed implications for commodity-intensive industries. Financial Post reporting indicates ongoing challenges in the lumber sector, with West Fraser facing headwinds from U.S. housing market softness and elevated interest rates pressuring construction activity, aligning with the severe technical deterioration evident in the company’s -98 INSTAT score and negative momentum across all timeframes.

The precious metals sector benefits from safe-haven demand amid global uncertainty, with Reuters noting strong investor appetite for gold and silver exposure through both direct mining plays and royalty structures like Triple Flag Precious Metals. Bloomberg coverage highlights the critical minerals theme gaining institutional traction, particularly around nickel and copper projects relevant to the energy transition, potentially explaining Talon Metals’ extraordinary appreciation despite the company’s development-stage status. Globe & Mail Report on Business discusses improving sentiment toward Canadian energy producers as production efficiency gains and capital discipline continue to support cash generation, consistent with the strong INSTAT scores observed across multiple energy instruments including Spartan Delta and Vermilion Energy.

Morningstar Canada analysis emphasizes the importance of distinguishing between cyclical strength and structural advantages in materials and energy, noting that recent price appreciation in some names may have extended valuations beyond fundamentals. Wall Street Journal reporting on industrial software sector challenges, including elevated interest rates pressuring software multiples and corporate spending caution, provides context for Constellation Software’s weakness, though this diversified acquirer’s long-term track record suggests the current decline may represent more of a sentiment reset than fundamental deterioration.

All performance metrics and INSTAT scores derived exclusively from

provided CSV. No external data used for sections a-c.

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Consumer Discretionary & Staples, Healthcare (Data Grouping 2)

Data Grouping instruments analyzed = 29

Note on Performance Metrics: All performance figures represent price

return performance based on price change alone and do not account for

dividends or interest payments, which are part of total return. This

database does not collect distribution data.

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a) Performance Snapshot

|-----------|----------------------------|---------------|-------------------------------|---------------|

| 1-Day % | Kits Eyecare Ltd (KITS.TO) | 9.19% | Quipt Home Medical Corp (QIPT.TO) | -3.23% |

| YTD % | Aritzia Inc (ATZ.TO) | 82.84% | Spin Master Corp (TOY.TO) | -39.92% |

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b) Quantitative Anomalies & INSTAT Analysis

Consumer discretionary and healthcare instruments display significant divergence in near-term momentum despite relatively concentrated universe coverage. Kits Eyecare delivered an exceptional single-day surge of 9.19%, representing a dramatic reversal following its 18.06% monthly decline, suggesting potential oversold conditions or company-specific catalyst. Quipt Home Medical Corp experienced the sharpest daily decline at 3.23%, compounding ongoing weakness reflected in its 24.66% YTD deterioration. The weekly and monthly horizons reveal food sector strength, with Saputo Inc posting robust gains of 7.92% and 10.94% respectively.

Longer-term performance shows remarkable bifurcation between winners and laggards. Aritzia Inc demonstrates exceptional strength with 82.84% YTD and 110.36% one-year returns, positioning the specialty apparel retailer as the clear leader in this grouping. Conversely, Spin Master Corp shows severe distress with a 39.92% YTD decline, reflecting challenges in the toy manufacturing sector. INSTAT analysis reveals maximum strength at +100 achieved by multiple instruments including Saputo, Dollarama, Knight Therapeutics, and Aritzia, all displaying uniformly positive momentum across AT, ST, and IN components. The minimum INSTAT of -86 belongs to MTY Food Group, signaling comprehensive technical weakness. Mean INSTAT across the 29 instruments registers at 25.48, with only 59% showing positive scores, indicating a more challenged technical environment compared to the energy and materials grouping. Premium Brands and Sun Life Financial both carry -64 INSTAT scores, reflecting negative momentum across timeframes.

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c) Bill Cara’s Technical Assessment & Sentiment Outlook

|---------|---------|---------|-------------|

| 6.79 | 5.52 | 18.34 | 30.66 |

The consumer and healthcare grouping presents a more nuanced technical environment with mean scores indicating moderate positive bias but considerably weaker momentum than the resource-heavy first grouping. The divergence between long-term and short-term indicators across multiple names suggests sector-specific headwinds creating choppy price action. Strongly Bullish on Dollarama Inc (DOL.TO) with +100 INSTAT and consistent positive momentum; 34.64% YTD and strong performance across all periods justify 8-10% allocation as a defensive growth holding benefiting from value-conscious consumer behavior. Strongly Bullish on Aritzia Inc (ATZ.TO) with +100 INSTAT supporting exceptional 82.84% YTD and 110.36% one-year returns; technical strength across all timeframes warrants 7-9% allocation for growth portfolios, though valuations merit monitoring after such strong appreciation.

Strongly Bullish on Saputo Inc (SAP.TO) with +100 INSTAT and accelerating momentum reflected in 10.94% monthly and 47.74% YTD gains; food processing exposure with improving technicals supports 6-8% allocation for quality dividend growth strategies. Bullish on Knight Therapeutics Inc (GUD.TO) with +100 INSTAT and uniformly positive scores; 16.67% YTD return with strengthening momentum suggests 5-6% position for specialty pharmaceutical exposure. Neutral on Canadian Tire Corp (CTCa.TO) despite +100 INSTAT; while technical indicators are positive with 14.04% YTD gains, the consumer discretionary headwinds facing traditional retailers warrant cautious 3-4% allocation pending clearer direction.

Bearish on MTY Food Group Inc (MTY.TO) with -86 INSTAT reflecting negative momentum across all timeframes and 26.04% YTD decline; franchise restaurant operator faces structural challenges warranting avoidance or position reduction. Bearish on Quipt Home Medical Corp (QIPT.TO) with -83 INSTAT and severe weakness including 24.66% YTD loss; comprehensive negative momentum suggests steering clear until stabilization emerges.

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d) Contextual Information Compiled From Reputable Sources

Recent reporting from major Canadian financial media provides essential context for this grouping’s mixed performance. Financial Post coverage highlights diverging fortunes in the retail sector, with value-oriented operators like Dollarama continuing to benefit from consumer budget pressures while specialty retailers face margin compression from promotional activity. Globe & Mail Report on Business notes that Aritzia’s exceptional performance reflects successful execution of its U.S. expansion strategy and brand positioning resonating with younger demographics, though analysts caution that current valuations embed high expectations for continued growth.

Bloomberg reporting on the Canadian food sector discusses Saputo’s ongoing restructuring efforts and potential benefits from dairy market stabilization, aligning with the company’s improving technical momentum and strong recent performance. However, the broader restaurant and food service sector faces persistent challenges, with Reuters citing elevated input costs and consumer spending shifts away from discretionary dining experiences, consistent with MTY Food Group’s severe technical deterioration and negative INSTAT reading.

Yahoo Finance Canada highlights concerns in the toy industry following disappointing holiday season forecasts from major North American retailers, providing context for Spin Master’s significant YTD decline and weak technical positioning. Financial Times coverage of healthcare service providers notes ongoing reimbursement pressures and regulatory uncertainties affecting home medical equipment operators, potentially explaining Quipt Home Medical’s comprehensive weakness across all timeframes.

Morningstar Canada analysis emphasizes the defensive characteristics of Canadian consumer staples but notes that premium valuations in best-of-breed names like Dollarama limit upside despite solid fundamentals. Wall Street Journal reporting on pharmaceutical distribution and specialty pharmacy trends suggests improving conditions for niche players with strong product pipelines, supporting the positive momentum observed in Knight Therapeutics.

All performance metrics and INSTAT scores derived exclusively from

provided CSV. No external data used for sections a-c.

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Utilities, Financial, Real Estate (Data Grouping 3)

Data Grouping instruments analyzed = 28

Note on Performance Metrics: All performance figures represent price

return performance based on price change alone and do not account for

dividends or interest payments, which are part of total return. This

database does not collect distribution data.

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a) Performance Snapshot

|-----------|----------------------------|---------------|-------------------------------|---------------|

| 1-Day % | Granite Real Estate Investment Trust (GRT_u.TO) | 1.93% | Intact Financial Corporation (IFC.TO) | -1.94% |

| YTD % | Power Corporation Of Canada (POW.TO) | 53.30% | TECSYS Inc. (TCS.TO) | -26.35% |

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b) Quantitative Anomalies & INSTAT Analysis

The utilities, financial services, and real estate grouping demonstrates relative stability compared to more cyclical sectors, though meaningful divergence exists among constituents. Daily price movements remain modest, with Granite REIT’s 1.93% gain and Intact Financial’s 1.94% decline representing the extremes, reflecting the defensive characteristics typical of this universe. Weekly performance shows slightly wider dispersion, with Canadian Utilities advancing 5.72% while Capital Power declined 6.03%, suggesting utility-specific factors rather than broad sector momentum.

Power Corporation of Canada emerges as the clear performance leader with exceptional 10.35% monthly, 53.30% YTD, and 52.69% one-year returns, representing a significant repricing of this diversified financial services holding company. The standout weakness appears in TECSYS Inc, a supply chain software provider, posting declines of 26.35% YTD and 24.79% over one year, though this outlier sits somewhat outside the core financial and utility focus of the grouping. INSTAT analysis reveals maximum strength at +100 achieved by multiple instruments including Power Corporation, several REITs (Crombie, Choice Properties), major utilities (Hydro One, Fortis), and banking positions (Royal Bank of Canada), all displaying uniformly positive momentum signals. The minimum INSTAT of -100 belongs to TECSYS, reflecting comprehensive technical deterioration. Mean INSTAT across the 28 instruments registers at 32.39, with 68% showing positive scores, indicating generally constructive but less dynamic momentum than the energy-dominated first grouping.

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c) Bill Cara’s Technical Assessment & Sentiment Outlook

|---------|---------|---------|-------------|

| 7.32 | 8.36 | 24.25 | 39.93 |

The technical environment for this traditionally defensive grouping shows moderate positive bias, with mean scores suggesting steady rather than explosive momentum characteristics appropriate for income-oriented and stability-focused strategies. The relatively high percentage of positive INSTAT scores reflects the sector’s resilience amid broader market uncertainty. Strongly Bullish on Power Corporation Of Canada (POW.TO) with +100 INSTAT supporting exceptional 53.30% YTD performance and positive momentum across all timeframes; diversified financial services holding with strong technical confirmation warrants 7-9% allocation for conservative growth portfolios seeking Canadian financial exposure.

Strongly Bullish on Hydro One Limited (H.TO) with +100 INSTAT and uniformly positive momentum; regulated utility characteristics combined with 17.82% YTD gains support 6-8% allocation for income-focused strategies seeking stable growth. Strongly Bullish on Fortis Inc (FTS.TO) with +100 INSTAT and consistent positive scores across all periods; 21.61% YTD return and defensive utility profile justify 6-8% position for dividend growth portfolios. Bullish on Royal Bank of Canada (RY.TO) with +90 INSTAT and strong momentum; as Canada’s largest bank with 19.32% YTD gains, deserves 8-10% allocation as core financial services holding.

Bullish on Toronto Dominion Bank (TD.TO) with +81 INSTAT despite recent regulatory challenges; improving technical momentum and 49.42% YTD recovery suggest 7-9% allocation for quality banking exposure, though regulatory overhang requires monitoring. Bullish on IGM Financial Inc. (IGM.TO) with +99 INSTAT and strong performance including 22.54% YTD; wealth management exposure with solid technical foundation supports 5-7% allocation. Bearish on TECSYS Inc. (TCS.TO) with -100 INSTAT reflecting comprehensive negative momentum and 26.35% YTD decline; supply chain software provider facing severe headwinds warrants avoidance until meaningful technical improvement emerges.

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d) Contextual Information Compiled From Reputable Sources

Recent Canadian financial sector developments provide critical context for this grouping’s performance dynamics. Globe & Mail Report on Business highlights improving sentiment toward Canadian banks following completion of major regulatory reviews, with Toronto Dominion Bank resolving its U.S. anti-money laundering investigation, potentially explaining the bank’s strong YTD recovery and improving INSTAT score despite historical challenges. Financial Post coverage notes that Royal Bank continues to benefit from diversified revenue streams and strong wealth management performance, supporting its leadership position and positive technical momentum.

Bloomberg reporting emphasizes the attractive valuation and yield characteristics of Canadian utilities amid elevated interest rate environment, with regulated rate bases providing earnings visibility supporting names like Hydro One and Fortis. However, Reuters notes that certain merchant power producers face margin pressure from natural gas price volatility, consistent with Capital Power’s recent weakness and negative INSTAT reading.

Power Corporation of Canada’s exceptional performance reflects what Morningstar Canada describes as a significant rerating following strategic portfolio actions and improved disclosure around its insurance and wealth management holdings. Wall Street Journal coverage of North American REIT sectors discusses stabilizing property fundamentals in industrial and necessity-based retail, aligning with the positive momentum observed in Crombie and Choice Properties.

Financial Times reporting on Canadian financial services technology highlights ongoing challenges for mid-sized software providers facing both competitive pressure from larger platforms and cautious enterprise spending, providing context for TECSYS’s severe technical deterioration despite the company’s established supply chain management niche. Bank of Canada policy discussions remain central to sector sentiment, with any indication of interest rate trajectory shifts likely to materially impact both financial services and rate-sensitive real estate valuations.

All performance metrics and INSTAT scores derived exclusively from

provided CSV. No external data used for sections a-c.

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Media, Technology (Data Grouping 4)

Data Grouping instruments analyzed = 15

Note on Performance Metrics: All performance figures represent price

return performance based on price change alone and do not account for

dividends or interest payments, which are part of total return. This

database does not collect distribution data.

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a) Performance Snapshot

|-----------|----------------------------|---------------|-------------------------------|---------------|

| 1-Day % | FirstService Corp (FSV.TO) | 2.81% | Celestica Inc. (CLS.TO) | -3.75% |

| YTD % | Celestica Inc. (CLS.TO) | 250.42% | Thomson Reuters Corp (TRI.TO) | -16.62% |

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b) Quantitative Anomalies & INSTAT Analysis

The media and technology grouping exhibits extreme performance dispersion, reflecting the bifurcated nature of this concentrated universe where individual company-specific factors dominate sector-wide trends. Celestica Inc stands as the overwhelming performance leader with staggering 36.08% monthly, 250.42% YTD, and 304.31% one-year returns, representing one of the most dramatic reratings in the entire Canadian market. This exceptional appreciation reflects the electronics manufacturing services provider’s exposure to artificial intelligence infrastructure buildout and data center acceleration. Conversely, MDA Ltd experienced severe distress with 37.33% monthly and 23.47% YTD declines, suggesting significant company-specific challenges at the satellite systems and geospatial intelligence provider.

Daily volatility remains elevated, with FirstService Corp’s 2.81% gain contrasting against Celestica’s 3.75% decline, while weekly dispersion shows Lightspeed Commerce surging 12.40% against MDA’s 11.55% drop. The longer-term perspective reveals both Constellation Software and Thomson Reuters posting substantial negative returns, with CSU declining 28.77% over one year and TRI showing 16.62% YTD weakness, indicating headwinds facing established technology leaders despite their strong historical track records. INSTAT analysis shows maximum strength at +100 achieved only by Magellan Aerospace, reflecting uniformly positive momentum across all technical timeframes. The minimum INSTAT of -97 belongs to Coveo Solutions, indicating comprehensive technical deterioration in this AI-powered search provider. Mean INSTAT across the 15 instruments registers at -4.47, with only 47% showing positive scores, marking this as the weakest technical grouping among all four categories analyzed.

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c) Bill Cara’s Technical Assessment & Sentiment Outlook

|---------|---------|---------|-------------|

| 3.80 | -2.13 | -6.00 | -4.33 |

The technical landscape for media and technology presents significant challenges, with mean scores revealing weakness particularly in short-term and intermediate-term momentum despite some long-term strength. This grouping requires careful selectivity, as the aggregate negative INSTAT mean and below-50% positive reading percentage suggest more defensive positioning is appropriate. Strongly Bullish on Magellan Aerospace Corporation (MAL.TO) with +100 INSTAT and uniformly positive momentum; 71.40% YTD and strong technical foundation support 6-7% allocation for aerospace and defense exposure, particularly benefiting from both commercial aviation recovery and defense spending priorities.

Neutral on Celestica Inc (CLS.TO) despite extraordinary 250.42% YTD returns; while the company’s +3 INSTAT reflects positive intermediate momentum, the mixed AT (-25) and ST (-22) scores following such dramatic appreciation suggest taking profits or maintaining minimal 2-3% allocation rather than chasing momentum. The AI infrastructure tailwind remains valid, but technical indicators suggest near-term consolidation or pullback risk. Bullish on Rogers Communications Inc (RCIb.TO) with +98 INSTAT and strong momentum across timeframes; telecommunications infrastructure provider with 20.95% YTD gains deserves 5-7% allocation for stable cash flow generation and improving technical posture.

Neutral on BCE Inc (BCE.TO) with +7 INSTAT; despite positive AT and ST scores, the negative IN momentum creates conflicting signals warranting cautious 3-4% allocation as income-focused holding rather than growth position. Bearish on Constellation Software Inc (CSU.TO) with -92 INSTAT reflecting comprehensive negative momentum and 26.72% YTD decline; while this legendary serial acquirer’s long-term track record is exemplary, current technical deterioration suggests avoiding or significantly reducing positions until stabilization emerges. Bearish on Coveo Solutions Inc (CVO.TO) with -97 INSTAT and severe weakness across all periods; AI-powered search provider facing significant headwinds warrants avoidance until meaningful technical recovery appears.

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d) Contextual Information Compiled From Reputable Sources

Recent technology sector developments provide essential context for understanding this grouping’s extreme divergence. Bloomberg extensively covers Celestica’s transformation from traditional electronics manufacturing to becoming a critical enabler of AI infrastructure, with the company securing major design wins for data center and networking applications supporting artificial intelligence workloads. This strategic positioning explains the stock’s extraordinary appreciation, though Wall Street Journal reporting notes that valuations now reflect substantial optimism requiring flawless execution to justify current multiples.

Financial Post discusses challenges facing established Canadian technology leaders, with Constellation Software experiencing multiple compression as elevated interest rates pressure software acquisition multiples and reduce the present value of future cash flows from the company’s extensive portfolio of vertical market software businesses. Reuters reporting on Thomson Reuters highlights ongoing strategic transformation challenges as the company repositions its product portfolio toward higher-growth legal and tax technology solutions while managing mature print and traditional information businesses.

Globe & Mail Report on Business coverage of Canadian telecommunications emphasizes improving competitive dynamics following industry consolidation, with Rogers Communications benefiting from cable and wireless infrastructure investments and the completion of Shaw Communications integration, aligning with the company’s positive INSTAT score and strong YTD performance. Conversely, BCE faces challenges balancing network investment requirements with dividend commitments amid elevated interest costs, consistent with its mixed technical signals.

Morningstar Canada analysis of MDA Ltd notes company-specific execution challenges including program delays and cost overruns impacting the satellite systems manufacturer, explaining the severe technical deterioration and negative INSTAT reading. Financial Times reporting on enterprise software spending highlights budget scrutiny affecting mid-sized providers like Coveo Solutions despite valid AI positioning, as enterprises prioritize spending toward larger platform providers offering broader capabilities. Yahoo Finance Canada discusses the diverging fortunes between commodity technology providers facing margin pressure and specialized companies with differentiated positioning in growth markets, exemplified by the contrast between Celestica’s AI-driven success and the struggles facing more traditional software vendors.

All performance metrics and INSTAT scores derived exclusively from

provided CSV. No external data used for sections a-c.

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END OF REPORT

Report Date: November 11, 2025

Total Instruments Analyzed: 170 across 4 Data Groupings

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BillCara.com

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