March futures on the S&P/TSX index were up 0.2% at 7:11 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index ended up 0.3% on Tuesday, its highest closing level since Dec. 2.
Canada's annual inflation rate eased more than expected in December, data showed on Tuesday, with the annual rate slowing to 6.3% in December from 6.8% in November.
The Bank of Canada is now expected to hike rates by 25 basis points next week.
Oil prices rose over 1% on hopes of demand recovery in top consumer China, while gold prices were buoyed by a weaker dollar. [O/R] [GOL/]
Among company news, France's BNP Paribas said that it has received all the necessary regulatory approvals to complete its previously-announced sale of its U.S. unit Bank of the West to Bank of Montreal.
In a legal filing, Rogers Communications Inc said its C$20 billion ($14.9 billion) acquisition of rival Shaw Communications Inc has been delayed long enough and must be allowed to proceed despite the competition bureau's opposition.
Across the border, U.S futures edged up as earnings season picked up steam, while investors awaited the retail sales data and final producer prices for December due later in the day. [.N]
COMMODITIES AT 7:11 a.m. ET
Gold futures: $1,918; +0.42% [GOL/]
US crude: $81.84; +2.07% [O/R]
Brent crude: $87.38; +1.68% [O/R]
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($1 = 1.3361 Canadian dollars)
(Reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber)
