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Bay Street Likely To Open Higher

The Canadian stock market is likely to see a positive opening on Thursday, riding on higher commodity prices.

Renewed optimism about U.S. interest rate cut later this month is also expected to support the market. Investors will also be tracking news on the trade front for direction.

In economic news, new home prices in Canada dropped 0.1% in May of 2019, after staying unchanged for three consecutive months and against market expectations of a 0.1% rise.

On Wednesday, the benchmark S&P/TSX Composite Index ended up 18.08 points, or 0.11%, at 16,563.29, after scaling a high of 16,641.79 and a low of 16,527.14 in the session.

CannTrust Holdings (TRST.TO) will remain in focus after StenoCare, a Danish cannabis company, said that it would quarantine more batches of cannabis oil from CannTrust, which allegedly sold products from some unlicensed facilities.

Asian markets ended higher on Thursday, lifted by remarks from U.S. Federal Reserve Chairman Jerome Powell that hinted at a potential rate cut later this month.

European markets were moving up after Powell's Congressional testimony signaled a likely cut in U.S. interest rates soon. The minutes of the Federal Reserve's latest policy meeting too suggested a reduction in rates in end July.

In commodities, crude oil futures for August were up $0.20, or 0.34%, at 60.63 a barrel.

Gold futures for August were gaining $9.90, or 0.71%, at $1,422.40 an ounce.

Silver futures for September were up $0.074, or 0.49%, at $15.300 an ounce, while Copper futures for September were down $0.0030, or 0.11%, at $2.6910 per pound.

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