FX.co ★ TSX Futures Rise on Gold Gains Ahead of Fed and BoC Decisions

On Tuesday, futures linked to the S&P/TSX Composite Index experienced an uptick, driven by the continued rise in precious metals ahead of interest rate announcements from both the US Federal Reserve and the Bank of Canada. Expectations are that the Bank of Canada will maintain its policy rate at 2.25%, while the Federal Reserve is also anticipated to keep rates unchanged. The increase in gold prices positively impacted mining stocks. Conversely, energy stocks faced pressure as oil prices declined following the announcement from Kazakhstan’s energy ministry about the imminent resumption of operations at its largest oilfield, although severe winter storms in the US that have hindered crude production helped to limit losses. In other developments, investment fund La Caisse revealed post-market closure on Monday that it intends to divest a portion of its holding in telecommunications company Cogeco Communications.