Canada's benchmark index looked set to open higher on Wednesday, lifted by rising precious metal and oil prices .
Action Economics ( AE ) said NYMEX crude rallied, following the API inventory report after the close on Tuesday, which revealed a 3.2 million barrel stock build, more than the forecast increase of about 2.0 million barrels. US-Iran tensions remain, which should underpin the contract going forward.
Precious metals were also in the green. AE also said the relative strength of the US economy and the Fed's tightening course tips the balance of directional risk toward the downside. However, President Donald Trump's verbal interventions in Fed policy and forex rates has made it tactically more challenging for dollar bulls.
The TSX lost 30 points on Tuesday, led lower by healthcare and consumer staples.
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