June futures on the S&P/TSX index were up 0.4% at 6:55 a.m. ET.
The BoC's rate decision is due at 10:00 a.m. ET. Traders and analysts largely expect the central bank to keep rates unchanged, leaving the benchmark rate at 4.5%.
Investors will also watch out for U.S. inflation data and the Federal Reserve's minutes of its meeting last month due later in the day for more clues on the monetary policy path in the world's largest economy amid continued resilience in the labor market.
Oil and gold prices advanced against the dollar in the run-up to CPI data from the U.S., helping the futures tracking the commodity-heavy TSX. [O/R] [GOL/]
The Toronto Stock Exchange's S&P/TSX composite index had ended at a five-week high on Tuesday, as a rise in commodity prices bolstered energy and gold mining shares.
In company news, casual dining franchise MTY Food Group Inc reported a first-quarter profit of C$0.75/share, missing the average analysts' estimate of C$0.78/share.
Silver miner Fortuna Silver Mines Inc reported a decline in quarterly gold and silver production in its first-quarter update.
Piper Sandler upgraded methanol producer Methanex Corp to "neutral" from "underweight".
COMMODITIES AT 6:55 a.m. ET
Gold futures: $2,015.2; +1.0% [GOL/]
US crude: $81.58; +0.06% [O/R]
Brent crude: $85.73; +0.14% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3461 Canadian dollars)
(Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar)
