March futures on the S&P/TSX index were up 0.1% at 7:04 a.m. ET (12:04 GMT).
Energy stocks are expected to take a hit as oil prices fell, pressured by lacklustre economic activity in leading importer China. [O/R]
Copper prices came under pressure with China's soft industrial data weighing on sentiment. [MET/L]
The focus moves to the Fed's first monetary policy decision this year, due at 2 p.m. ET, where the U.S. central bank is expected to leave rates unchanged.
Alongside, a November reading of Canadian gross domestic product (GDP) data is due at 8:30 a.m. ET, which could help investors better gauge the economic health of the country and the Bank of Canada's future path on interest rates.
Wall Street futures were mixed as rising artificial intelligence cost projections from tech giants Alphabet and Microsoft disappointed investors, ahead of the crucial monetary policy decision. [.N]
The Toronto Stock Exchange's S&P/TSX composite index ended 0.1% higher at 21,227.87 on Tuesday, its highest closing since April 2022.
Energy shares led gains in the previous session, as the latest economic forecasts from the International Monetary Fund bolstered investor hopes of a soft economic landing.
On the corporate side, railroad operator Canadian Pacific Kansas City reported its fourth-quarter results above analysts' estimates after the bell on Tuesday.
Information technology service provider CGI reported its first-quarter earnings on Wednesday that beat estimates.
COMMODITIES AT 7:04 a.m. ET
Gold futures: $2,045.7; +0.2% [GOL/]
US crude: $76.88; -1.2% [O/R]
Brent crude: $81.93; -1.1% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay Kishore)
