The Motley Fool

3 Canadian Stocks to Buy Now on the TSX Today

Image source: Getty Images.

The economic recovery has been good for Canadian stocks in general. However, the TSX today has multiple opportunities for investors looking to get in on stocks shooting upwards. While some include popular topics like Dogecoin, others are less obvious. So let’s look at three Canadian stocks I would consider buying on the TSX today.

A cheap cryptocurrency

If you believe the future is in cryptocurrency, then you’ll want to consider picking up Dogecoin. This cryptocurrency, which started out as a joke, has shot upward in the past few years. And guess what? Dogecoin currently has a great opportunity available for investors thanks to an ill-timed plug by Elon Musk.

Musk mentioned Dogecoin on Saturday Night Live recently, sending shares plunging at the shameless plug. This plunge also aligns with many investors currently taking  profits from Dogecoin and other cryptocurrencies. So if you’re looking for an opportunity to buy in cheap and hold long term, now’s the time for Canadian stocks like this one.

Shares of Dogecoin rose an insane 26,226% to reach all-time highs before starting to drop. Right now, shares are down about 30% as of writing from all-time highs. So if you’re in it for the long haul, there is a great opportunity on the TSX today.

5 TSX Stocks Under $5

Click here to learn more!

Canadian stocks full of opportunity

Speaking of opportunity, Photon Control (TSX:PHO) is ripe with them. That comes from the recent earnings release where the company announced it would be acquired by MKS Instruments (NASDAQ:MKSI). MKS Instruments purchased the company in an all-cash transaction worth $387 million.

The acquisition helps MKS Instruments in the company’s long-term objective of expanding its portfolio. It looks to advance additional optical sensors for temperature control in semiconductor wafer fabrication. After a stable increase in earnings during its latest report, this and the acquisition news sent shares soaring. Photon stock was already up 82% in the last year and shot up a further 15% after the news. Canadian stocks like this offer the perfect chance to see soaring returns in a short amount of time.

Safe and solid Canadian stocks

A secure bet always comes from investing in the Big Six Banks. However, Toronto-Dominion Bank (TSX:TD)(NYSE:TD) offers a strong opportunity for growth among these Canadian stocks. That’s because TD Bank continues to expand into the United States, where it’s become of the top 10 banks in the country.

However, TD Bank has also started making strong moves in the online space. The pandemic has shown that if people can simply bank easier online, it saves time and money on both sides. This investment should see massive returns in the next few years, leading to top-line growth ahead of its competitors.

Meanwhile, the company has a solid balance sheet supported by expansion into wealth and commercial management, credit cards, and loan repayments. Shares are up an incredible 60% as of writing, and investors can pick up a dividend yield of 3.67%. Now is the perfect time to pick up TD Bank on the TSX today, as earnings are just around the corner!

Want even more options for HIGH GROWTH stocks? Check out this FREE list of five!

5 Canadian Growth Stocks Under $5

We are giving away a FREE copy of our "5 Small-Cap Canadian Growth Stocks Under $5" report. These are 5 Canadian stocks that we think are screaming buys today.

Get Your Free Report Today

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe owns shares of TORONTO-DOMINION BANK. The Motley Fool owns shares of and recommends Photon Control Inc.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.