Our Head of North American Research, Gary Christie dove into Multi-Stock Trading LLC’s research tools in order to find interesting trading setups ahead of Canada Day celebrations in North America. 

We searched for iconic Canadian brands. Many Canadians will be looking up at the sky this coming Canada day whether it’s for a RCAF flyby or fireworks. We thought it would be fitting to have a look at Canada’s national air transportation company, Air Canada (AC:TSX)

Recent technical events identified from Multi-Stock Trading LLC “Technical Insight” suggest Air Canada has not landed on a bottom quite yet. A “Diamond Top” pattern has been confirmed. This suggests the stock price seems to have reached a top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation.

The stock also has a TC Quantamental Rating of just 4.9 out of 10 which is weak.

The TC Quantamental Rating® is a proprietary stock ranking methodology developed by Multi-Stock Trading LLC which covers over 50,000 stocks worldwide. This metric ranks stocks on a scale of one to ten with ten being the most bullish and one being the most bearish. In Technical Insight, the TC Quantamental Rating® is used as a way to filter the top bullish and top bearish events, out of hundreds of events generated everyday, which are then presented in the featured events section for the investor's consideration.

For those who look forward to seeing a flyby on Canada day, the new movie Top Gun Maverick has been a huge hit. Tom Cruise suggests we all go see the movie in IMAX to get the full experience. (IMAX:NYSE), which designs and manufactures premium theater systems based in Mississauga, ON, Canada might be gaining momentum after a bullish MACD event was triggered.

A bullish event is generated when the MACD crosses above the signal line, showing that the current MACD is actually higher than its average, a sign of increasing strength for the stock price.

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The stock has a TC Quantamental rating of 6.6 which is strong.

Iconic Canadian retailer, and my favorite store, Canadian Tire Corp (CTC.A:TSX) confirmed a bottom triangle formation.

It looks like price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation.

The Current TC Quantamental rating is 6.8 which is strong.

Canadian transport giant TFI International (TFII:TSX) headquartered in St Laurent, Quebec, confirmed bullish a continuation wedge pattern. 

A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.

The Current TC Quantamental rating is 7.3 which is very strong. 

Have a happy Canada day!