Dec 18 (Reuters) - Futures tracking Toronto's main stock index dipped on Thursday, as investors remained cautious ahead of a crucial U.S. inflation reading that could offer clues on the Federal Reserve's monetary policy path.
Futures on the S&P/TSX Composite index SXFcv1 were down 0.1% by 06:00 a.m. ET.
The Canadian benchmark index fell for a fourth-consecutive session on Wednesday, after a drop in financial shares outweighed gains in energy and gold shares.
Choppiness in oil prices due to geopolitical concerns and a selloff on Wall Street this week have weighed on sentiment, putting Toronto's main stock index on course for its worst weekly performance in over a month.
However, the commodity-heavy index remains on track for its best year since 2009, with a nearly 27% gain, driven by a surge in precious metal prices and signs of resilience in the Canadian economy despite the country's tariff war with the U.S.
Gold XAU= prices fell and silver XAG= eased from record highs ahead of the U.S. data. GOL/
Oil LCOc1, CLc1 gained as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers. O/R
The U.S. inflation report for November could provide some clarity on the Fed's policy trajectory after the jobs data failed to move expectations on rate cuts next year substantially. Traders are currently betting on at least two 25-bps rate cuts by the end of next year.
Cannabis stocks will be in focus as U.S. President Donald Trump is expected to address the potential loosening of federal regulations on marijuana later in the day. U.S.-listed shares of Canopy Growth CGC.O and Tilray Brands TLRY.O climbed 10.9% and 1.6%, respectively, in premarket trading.
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(Reporting by Avinash P in Bengaluru; Editing by Leroy Leo)
((Avinash.P@thomsonreuters.com))