Top Canadian stocks to watch right now include a mix of high-performing tech plays, dividend stalwarts, resource-rich miners, and resilient consumer names. Leaders like Celestica, Shopify, Constellation Software, Enbridge, Dollarama, and emerging picks in mining and energy are dominating headlines and investor focus.

Why These Stocks Matter Now

The TSX—and the broader Canadian market—has been booming. In 2025 alone, the S&P/TSX Composite Index rose well above 25%, outpacing the U.S. market thanks to Canada’s resource strength, political stability, and rising appeal in sectors like AI infrastructure, uranium, and infrastructure design.
That backdrop has propelled standout performers across sectors—from high-growth tech names building AI platforms to traditionally defensive utility and dividend stocks gaining momentum. With that in mind, here are the key names to track in 2026 and why they stand out.

Canadian Tech Titans on the Rise

Celestica (TSX: CLS) – AI Infrastructure Powerhouse

Celestica dazzled in 2025 with a return topping 200%, driven by strong revenue and EPS growth. AI and hyperscaler demand boosted its connectivity product lines significantly.
Moving into 2026, BMO analysts continue to endorse Celestica as a top pick, citing its triple-digit returns, favorable valuation, and strategic role in AI supply chains.

Shopify (TSX: SHOP) – Ecommerce and Agentic AI Leader

Despite some macro turbulence, Shopify saw a rebound in GMV growth in 2025. Its leadership in small business e-commerce, expansion into B2B and offline commerce, and early AI capabilities make it a multi-pronged growth engine. Analysts like Wells Fargo and BofA have raised price targets on the stock.

Constellation Software (TSX: CSU) – The Software Compounder

Known for its “buy-and-hold-forever” approach, Constellation thrives in niche vertical markets with high switching costs. Revenue and net income growth remain strong, driven by strategic acquisitions and enduring recurring revenue. BMO reaffirmed it as an “Outperform” pick, calling it resilient even amid tech volatility.

CGI (TSX: GIB.A) – Resilient IT Services Play

With over 60% of revenue from government and financial services, CGI benefits from stable contracts and strong demand for cybersecurity. Its FY2025 EPS rose around 9%, supported by margin gains, M&A, foreign exchange tailwinds, and buybacks.

Defensive Growth & Income Stocks

Enbridge (TSX: ENB) – The Energy Toll-Booth

Enbridge is a network of pipelines powering North American energy flows. Its renewable pivot, backed by low-risk long-term contracts, delivers predictable cash. With a history of 31 straight years of dividend hikes and a yield north of 6.5%, it stands as a core income-generating pick.

Dollarama (TSX: DOL) and Loblaw (TSX: L) – Retail Resilience

• Dollarama delivered a stellar 36% total return over the year. Its high margins, strong store rollouts, and near-150% ROE give it defensive appeal amid uncertainty.
• Loblaw also posted strong returns (~36%). It boasts low volatility, inflation resilience, and a healthy free cash flow yield, now backed by a “Strong Buy” consensus.

Material and Mining Momentum

Resource & Mining Stocks Lighting Up the Charts

Precious metals miners led the top risers in Q4 2025. Companies like Sigma Lithium, Aris Mining, Discovery Silver, and others returned between 50%–100% in just three months. Discovery Silver in particular delivered a jaw-dropping 1,100% annual rise.
Others like Wesdome Gold, Dominion Lending Centres, and Peyto Exploration are gaining investor attention as favorites for 2026, supported by strong earnings, high yields, and growth in their sectors.

Pharma and Specialty Picks

HLS Therapeutics, Knight Therapeutics, BioSyent, NurExone

HLS saw a ~27% Y/Y gain, buoyed by Health Canada approval of its cholesterol treatment and a Q2 2026 launch planned.
Knight surged ~14% driven by expansion via in-licensing and acquisitions.
BioSyent and NurExone also posted gains driven by wellness product growth and biotech innovation.
And don’t overlook Aurinia Pharmaceuticals (AUPH)—a biotech name with explosive earnings forecasts (up to 1,854% in 2025), driven by its lupus treatment and robust technical rating.

Mining & Energy Plays Coming Into Focus

Gold giant Barrick Mining delivered a massive Q4 beat: +126% profit growth, +65% revenue, and raised dividends by 140%. Still, stock dipped ~7% due to weaker gold prices. But a spin-off of North American assets is slated for late 2026.
Canadian Natural Resources (CNQ) also made waves—RS Rating jumped from 80 to 83, and both EPS and sales showed big improvements. Upcoming earnings due around February 26.

A Snapshot Table

Here’s a quick look at standout stocks by theme:

| Sector | Stock | Why Watch |
|———————–|——————————|————————————————————-|
| Tech / AI Infrastructure | Celestica, Shopify, CSU, CGI | Growth, AI tailwinds, recurring revenue, resilient tech |
| Utilities / Income | Enbridge, Dollarama, Loblaw | Dividends, defensive characteristics, inflation resistance |
| Mining / Materials | Sigma Lithium, Wesdome, Discovery Silver | Momentum, sector strength, explosive returns |
| Energy & Resources | Barrick, CNQ | Earnings beat, M&A, relative strength, spin-offs |
| Pharma / Biotech | HLS, Knight, Aurinia | New product catalysts, adoption, exceptional forecasts |

Expert Insight

“In the AI era, infrastructure players like Celestica are only going to shine brighter. But the smart investor balances growth with stability—utilities and gold are still crucial.”

This describes current sentiment well. Growth is exciting—but stability remains paramount.

Wrapping It Up

Canada’s stock scene in 2026 offers something for every investor—fast-growth technology names, income-generating stalwarts, mine-run lighting rockets, and resource leaders transforming infrastructure. Whether chasing AI expansion, steady dividends, breakout commodity momentum, or biotech breakthroughs, this list offers a balanced foundation.

Portfolio approach? Mix sectors. Balance high-alpha tech and mining with steady yield pillars like Enbridge and Dollarama. Watch earnings, RSI levels, RS upgrades, and regulatory catalysts. That blend helps navigate volatility while capturing upside.

FAQs

Which Canadian tech stock is the strongest AI play?
Celestica shines as a key supplier to hyperscalers, and its AI-related sales last quarter jumped significantly, making it one of the top AI infrastructure picks.

Are dividend stocks like Enbridge and Dollarama safe in inflationary markets?
Yes. Enbridge offers consistent, inflation-linked contracts and a high yield. Dollarama benefits from pricing power and margin strength even when consumer budgets tighten.

Which miner had the biggest run in Q4 2025?
Discovery Silver stunned with over 1,100% annual gains. Others like Sigma Lithium and Aris Mining also delivered extraordinary Q4 momentum.

What biotech stocks are heating up in Canada right now?
HLS, Knight, BioSyent, and especially Aurinia stand out. Aurinia’s earnings forecast for 2025 is an eye-popping 1,854%, driven by its lupus treatment and strong technical setup.

Should investors expect more from CNQ or Barrick?
Both are compelling. Barrick beat Q4 expectations and plans a spin-off later in 2026. CNQ improved EPS and RS ratings, with more earnings due around Feb. 26. Watching technical setups and next reports is key.