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Bay Street May Follow U.S. Stocks Higher -- Canadian Commentary

Canadian stocks may get off to a lackluster start Friday morning as crude oil prices slipped from 3-year highs.

The Canadian market, which has been helped to record highs by the crude oil rally, is expected to underperform Wall Street in the early going. Still, futures are pointing to modest gains.

Gold stocks may provide a measure of support, as gold prices jumped to their highest in 4 months despite hawkish comments from a U.S. Federal Reserve official.

Markets will be paying attention at 8:30 am ET to crucial U.S. inflation data.

The Bank of Canada next week may raise interest rates, analyst say.

Canadian Solar Inc. (CSIQ) updated its guidance for the fourth quarter and full year 2017 in part to reflect the timing of certain utility-scale solar project sales. The company now expects fourth-quarter total revenue to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously.

Ortho Dermatologics, a division of Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO), announced Friday that the U.S. Food and Drug Administration has accepted the New Drug Application for IDP-121 (tretinoin 0.05%) lotion (ALTRENO1) with a PDUFA action date of Aug. 27, 2018 for acne treatment.

Sun Life Financial Inc. (SLF, SLF.TO) said that as a result of the recent U.S. tax legislation, it expects the tax expense included in its 2018 underlying net income to decrease by approximately $130 million and also expects to incur a charge of $200 million to its net income in the fourth quarter.

Toronto's stock exchange is reportedly out of the running for the coveted Aramco IPO. The Saudi state oil company is expected to debut this year.

Crude oil slipped to $63.17 a barrel, but is on track for its fourth weekly gain in a row.

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