Futures on the S&P/TSX index were up 0.2% at 06:48 a.m. ET.
Oil prices edged higher after dropping by more than $1 a barrel earlier in the session, following signs of bullish demand in an International Energy Agency (IEA) report. [O/R]
The Toronto Stock Exchange's S&P/TSX composite index posted its biggest decline in nearly three months on Tuesday after data showing an unexpected rise in U.S. consumer prices bolstered bets for another aggressive interest rate hike from the Federal Reserve. [.TO]
Investors also awaited Canada's manufacturing sales data for July due at 08:30 a.m. ET, which is expected to show manufacturing sales dropped 0.9% in July, following a 0.8% decline in June.
Wall Street futures also rose on Wednesday, with technology stocks rebounding from sharp declines in the previous session. [.N]
(Reporting by Aniruddha Ghosh and Johann Cherian in Bengaluru; Editing by Vinay Dwivedi)