Podcast
Fundamentals vs. Technicals
Will Simpson and Greg Wise
November 28, 2025
Fundamentals tell us what to own. Technicals tell us when to own it.
It was a shortened trading week thanks to the U.S. Thanksgiving holiday on Thursday, and markets mostly took the opportunity to drift higher on lighter volume. The TSX gained about 4% for the week, while the S&P 500 added roughly 2.8%. The Nasdaq posted a 3.8% gain, clawing back some of the ground lost in recent weeks. With Friday’s half-day session typical of the holiday period, markets showed thin trading volume and muted volatility.
Economic data was sparse given the holiday calendar, though a few releases trickled in. The final read on Q3 U.S. GDP came in at a solid 2.8%, matching expectations and reinforcing the view that the economy has held up reasonably well. Weekly jobless claims stayed low, adding to the picture of a labour market that is cooling but not cracking. PCE inflation data, the Fed’s preferred measure, has shown core prices running at 2.8% YoY, still above target but moving in the right direction.
In Canada, the picture was similar. Growth has slowed but hasn’t stalled, and inflation remains sticky enough to keep the BoC cautious about further rate cuts. The loonie hovered near recent levels as markets weighed the diverging policy paths between the Fed and BoC.
All in, the holiday-shortened week brought a welcome respite after a choppier November. Whether the gains stick will likely depend on what December brings in terms of data and Fed commentary.
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