(Reuters) - Futures tracking Canada's main stock index fell on Tuesday after oil and precious metal prices weakened against a firm dollar, while investors awaited key U.S. inflation data and the Federal Reserve's monetary policy decision due this week.

Futures on the resources-heavy S&P/TSX index were down 0.5% at 06:24 a.m. ET (1024 GMT).

Oil prices dipped about 0.2%, having climbed around 3% to a one-week high on Monday on expectations that the Northern Hemisphere vacation season will boost fuel demand this summer. [O/R]

Gold and silver prices were marginally down as investors looked ahead to economic projections from U.S. Fed officials on Wednesday, which are expected to show fewer rate cuts than policymakers anticipated three months ago amid unexpectedly sturdy U.S. inflation.

Traders are currently pricing in rate cuts of 40 basis points (bps) from the Fed this year, with the first cut seen in September or November, according to LSEG's rate probabilities app.

On the other hand, the Bank of Canada (BoC) trimmed its key policy rate last week and investors are anticipating at least two more rate cuts this year.

BoC Governor Tiff Macklem and Deputy Governor Sharon Kozicki are scheduled to speak later in the week.

In corporate news, J.P. Morgan started coverage on Canadian e-commerce platform Shopify with an "overweight" rating, noting a recent pullback in the stock following its quarterly results creates an "attractive" entry opportunity.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.3% higher on Monday, helped by a jump in oil prices.

COMMODITIES

Spot gold: $2,307.59; -0.1% [GOL/]

US crude: $77.51; -0.3% [O/R]

Brent crude: $81.43; -0.3% [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= C$1.3772)

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shreya Biswas)