The shortened trading week began on Tuesday, February 21^st following the Presidents Day long weekend in the United States and Family Day holiday in Canada giving investors one extra day to contemplate any adjustments required with the major North American markets still at record highs.

Statistics Canada reported that the number of foreign visitors to Canada rose by 9.4^% in 2016 to a record 30.1-million visits.

The National Energy Board reported that eastern Canada imported a 4-year high of 759,000-barrels-of-oil per day in 2016.

ECN Capital (ECN-T) shares’ surged up by 14^% to $3.64 after agreeing to sell its U.S. equipment finance arm to American based PNC Financial Services Group. (PNC-N).

And the price of Popeyes Louisiana Kitchen (PLKI-Q) shot up by 19^% to US$78.72 after the fried chicken restaurateur agreed to a US$1.8-billion all-cash buyout by rival Restaurant Brands International (QSR-N).

On Wednesday, February 22^nd we got word that once again Canadian’s kept their wallets firmly put away last Christmas as Statistics Canada reported that retail sales fell by 0.5^% in December – the 5^th consecutive monthly drop for the same month.

High Liner Foods (HLF-T) shares fell by over 7.5^% to $18.39 after the seafood company reported not only a drop in 4^th-quarter sales but worse yet, lowered its guidance for the year ahead.

The price of Revive Therapeutics (RVV-V) soared up by over 36^% to $0.34 after the company announced it was teaming with InMed Pharmaceuticals (IN-V) to discover and develop cannabinoid-based kidney disease therapies.

And Garmin Ltd. (GRMN-Q) stock rose by over 7^% to US$54.15 when the GPS electronics company beat the streets’ expectations with its 4^th-quarter financials.

Thursday, February 23^rd saw Engold Mines (EGM-V) shares’ soar up by over 32^% to $0.23 following the mineral explorer reporting a visually encouraging mineralization in the year’s first drill hole on their Lac La Hache Property in central British Columbia.

Similarly, the price of Galileo Exploration (GXL-V) stock also surged up by 26^% to $0.15 after the company secured an option-to-purchase agreement for the historic Majuba Hill copper/gold/silver property in north-central Nevada.

And Northern Dynasty Minerals (NDM-T) shares’ rebounded up by 20^% to $2.19 after the U.S. House Committee of Science and Technology called upon the Environmental Protection Agency (EPA) to rescind the agency’s 2014 pre-emptive veto regulatory action against the company’s Pebble Project in Alaska.

The price of L Brands (LB-N) fell by almost 16^% to US$9.19 after the retailer offered weak guidance for the year ahead.

Gasoline prices seem to be on the rise and on Friday, February 24^th it became official as Statistics Canada said that rising gasoline prices was the main reason that the country’s annual inflation rate rose by 0.6^% in January to a higher than expected 2.1^%.

Intellipharmaceutics International (IPCL-Q) shares’ sored up by almost 27^% to US$2.70 after the company received FDA approval for their metformin hydrochloride extended release tablets for the management of type 2 diabetes.

Retailer J.C. Penny (JCP-N0 announced they were closing up to 140 of their retail or distribution outlets over the next few months.

During the Week – crude oil rose to a 1^1/2-year high of US$54.45-a-barrel which helped to propel the TSX Venture Exchange to a 2^1/2-year high of 845 and the TSX Composite up to a new record high of 15,922. On the American side, the Dow Industrials, S&P 500 and NASDAQ all hit new respective record closing highs of 20,822, 2,367 and 5,863.

Interfor Corp. (IFP-T) at $18.75, BP Nasdaq Daily Bull ETF (HQU-T) at $39.90 and Methanex Corp. (MX-T) at $68.92 all reached new TSX 52-week trading highs while Canadian Natural Gas Index (GAS-T) at $7.96, Redknee Solutions (RKN-T) at $0.96 and Trilogy Int’l Partners (TRL-T) at $9.00 all fell to new 52-week trading lows.

For the Week – the Dow Industrials rose by 0.96^% to 20,822, with the S&P 500 Index up by 0.68^% to 2,367 and the NASDAQ ahead by 0.17^% to 5,845. To the north, the TSX Composite fell by 1.93^% to 15,533 and the TSX Venture Exchange dropped by 0.95^% to 836.

With Commodities – gold bullion was 1.53^% higher to US$1,258, while copper dropped by 1.10^% to US$2.69, as crude oil gained 0.48^% to US$54.04 and natural gas fell by 5.42^% to US$2.79. Overall, the CRB Spot Commodity Index eased by 0.23^% to finish the week at 432.

The Canadian dollar was marginally lower against its American counterpart and ended the week at US$0.7631.

And the closely watched CBOE Volatility Index or VIX was marginally lower to finish the week at a peaceful 11.47.

And Finally – As another Canadian Registered Retirement Savings Plan (RRSP) season draws to a close, it is of great interest to note that according to a recent BMO Wealth Management survey – instead of contributing to their RRSPs – the average Canadian withdrew $17,213 from their RRSPs in 2016.