Canadian stocks looked poised for a cautious session on Thursday, February 12, 2026, with investors parsing fresh economic data and several major corporate earnings reports set to hit markets. After a choppy start to the week, traders appeared focused on inflation indicators, wage data, and commodity price action to gauge the strength of the recovery and how it might influence central bank policy.
Resource stocks, which have been a major driver of the TSX’s recent moves, faced headwinds as metals and energy prices softened early in the session. Precious metals like gold and silver retraced recent gains, and crude oil prices pulled back from multi-week highs, pressuring mining and energy shares. Given the heavyweight role of these sectors in the S&P/TSX Composite Index, any sustained weakness in commodities could weigh on broader market sentiment.
Out of the U.S., cooler inflation or a softer jobs report could ease pressure on rate expectations, which has historically boosted risk assets like equities. Conversely, stronger data might tighten financial conditions and reduce appetite for higher-beta stocks. Given these dynamics, traders were keeping a close eye on overnight developments in U.S. markets and how they’re likely to feed into Canadian trading patterns.
Meanwhile, earnings season continued to shape investor positioning. Several large TSX-listed firms spanning financials, telecommunications, and consumer goods were due to announce quarterly results later in the day. Strong performance from major banks or solid subscription growth from telecom companies could provide localized catalysts for individual names and help offset the drag from resource sectors. With corporate earnings often acting as a more reliable indicator of economic resilience than macro data alone, these reports were likely to influence price action and sector rotation.
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Canadian financial stocks specifically could benefit if net-interest-income trends remain intact, although rising credit costs remain a watch item for some lenders. Defensive sectors like utilities and staples also drew interest as investors repositioned after recent volatility, seeking steadier cash flows and dividends.
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In summary, the TSX looked set for mixed trading on Thursday, with commodity pressure tempering optimism and fresh earnings and economic data providing key near-term catalysts. Traders appeared ready to shift rapidly as results and releases rolled in, highlighting an environment in which sector-specific moves matter more than broad bullish or bearish sentiment.
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