March futures on the S&P/TSX index were up 0.1% at 7:47 a.m. ET (11:47 GMT).

Investors will closely monitor the Fed's rate decision, due at 2 p.m. ET, where the central bank is widely expected to hold interest rates steady, but the focus will be on the commentary to gauge the timing of the first rate cut and the quantum of cuts in 2024.

Among sectors, the materials group, which includes Canada's precious and base metals miners, will be in focus after copper prices retreated further from an 11-month peak on worries about demand in top metals consumer China. [MET/L]

Gold prices also drifted lower as the U.S. dollar firmed ahead of the Fed rate decision. [GOL/]

Energy shares that gained in the previous session could take a hit as oil prices edged lower after hitting multi-month highs on Tuesday.

In the U.S., stock index futures were range-bound before the Fed decision. [.N]

The Toronto Stock Exchange's S&P/TSX composite index ended higher on Tuesday, moving closer to a near two-year high it notched last Wednesday at 21,970.11.

In company news, Adentra received a hike in price target from CIBC, while Kelt Exploration got a rating upgrade from TD Securities.

The National Bank of Canada raised the price target on Gildan Activewear after the Canadian clothing maker's board decided to put the company up for sale and is in talks with multiple bidders.


Gold futures: $2,157.1; -0.1% [GOL/]

US crude: $82.61; -1.0% [O/R]

Brent crude: $86.73; -0.7% [O/R]

($1= C$1.3598)

(Reporting by Shubham Batra in Bengaluru; Editing by Vijay Kishore)