Binary traders in deep trouble as Canadian stocks retreat

The Canadian market has so far been able to keep itself away from the economic crisis faced by many European nations and even USA to some extent. But the cumulative effect of the global economic crisis seems to be taking its toll on this market as well. Canada is considered to be a relatively safe economy and so binary traders can trade peacefully in this market. But that time seems to be over as most of the major Canadian stocks have retreated as an aftermath of the fall in gold shares prices. This is posing a new challenge for binary traders who are already in a tense condition for quite some time now.

The Condition of the Stocks

DollarsThe fall started with the low performance of the gold producing companies. . and Eldorado Gold Corp. dropped by 2.6 percent each. Blackberry which was formerly known as Research In Motion Ltd. slid by 8.1 percent to arrive at C$14 by sliding C$1.25. Thomson Reuters Corp. retreated by 2.3 percent on anticipation of low profit margins. The Standard & Poor’s/TSX Composite Index retreated by 0.1 percent or 13.74 percent to arrive at 12,775.28 in Toronto. Chorus Aviation slipped 3.6 percent and stopped at C$4.34 as Fairfax Holdings Ltd. sold its stake in the airlines. However, financial shares showed some signs of health by rising as a group. Genworth MI Canada Inc. and Canadian Imperial Bank of Commerce rallied 1.3 percent and 0.7 percent respectively.

The Assessment of Analysts

Analysts and binary traders are not exactly happy with this new development in the Canadian market. Many are of the opinion that people are more focused on earnings and as a result stock selection has become important in the market. The poor performance of the Canadian stocks has given rise to a new challenge for binary traders. The challenge is to face difficulties effectively in a relatively safer market. It is now to be seen what binary traders do in order to cope with this new market situation.

It is needless to mention that the world is going through a tough economic condition. The economic crisis in Europe is showing no sign of recovery anytime soon, in fact, it is getting worse. This prolonged crisis situation is making the market even more volatile. Therefore binary traders should take each and every step very carefully in order to avoid making losses.

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