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Bay Street Likely To Open Mixed

The Canadian stock market is likely to open mixed amid cautious moves on Tuesday as investors look ahead to Fed Chairman Jerome Powell's testimony to Congress for clues on interest rates.

In Canadian economic news, housing starts increased to 245,700 units in June 2019 from a downwardly revised 196,800 in May, beating market expectations of 210,000.

The Bank of Canada is scheduled to announce its rate decision on Wednesday.

On Monday, the benchmark S&P/TSX Composite Index ended down 79.04 points, or 0.48%, at 16,462.95 after scaling a low of 16,458.47 and a high of 16,495.28 in the session.

In company news, Trilogy Metals Inc. (TMQ.TO) reported a loss of $4.5 million or $0.04 per common share for the quarter ended May 2019, compared to a loss of $3.7 million or $0.03 per common share in the quarter ended May 2018.

Asian markets ended lower on Tuesday with investors largely staying cautious ahead of Fed Chairman Jerome Powell's two-day testimony to Congress on Wednesday and Thursday.

European markets were drifting lower with profit warning from chemicals major BASF and caution ahead of Powell's testimony dragging down stocks.

In commodities, crude oil futures for August were up $0.32, or 0.55%, at $57.98 a barrel.

Gold futures for August were declining $5.80, or 0.41%, at $1,394.20 an ounce.

Silver futures for September were up $0.010, or 0.07%, at $15.060 an ounce, while Copper futures for September were down $0.0335, or 1.26%, at $2.6255 per pound.

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