June futures on the S&P/TSX index were up 0.4% at 6:57 a.m. ET (10:57 GMT), mirroring gains in their Wall Street peers. [.N]
The Bank of Canada's next decision on interest rates is due at 9:45 a.m. ET on Wednesday, where the central bank is widely expected to hold rates at a 22-year high of 5%.
In the run-up to the decision, the last pivotal dataset showed on Friday that Canadian unemployment was at a 26-month high of 6.1% in March, cementing hopes for a rate cut in June.
Money market participants are pricing in a little over 72% bets of a cut in June. [0#BOCWATCH]
Across the border, a March reading of the consumer prices index (CPI) is due in the United States at 8:30 a.m. ET, which will have investors adjusting their bets on when the Federal Reserve could begin easing of borrowing costs this year.
Also due later in the day are the minutes from the U.S. central bank's last monetary policy meeting.
On the commodities front, oil prices rebounded as a deadlock in Gaza ceasefire talks renewed uncertainty about supply security from the Middle East. [O/R]
Gold prices steadied near record highs on increased demand for the safe-haven metal while copper prices continued their upward march. [GOL/] [MET/L]
The Toronto Stock Exchange's S&P/TSX composite index ended 0.5% higher on Tuesday, eclipsing the previous record closing high set on Friday, lifted by metal miners. [.TO]
In Canadian corporate news, the National Bank of Canada initiated coverage of Hammond Power Solutions with a "sector perform" rating.
COMMODITIES AT 6:57 a.m. ET
Gold futures: $2,354.9; +0.2% [GOL/]
US crude: $85.64; +0.5% [O/R]
Brent crude: $89.84; +0.5% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
