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Bay Street Likely To Open Slightly Higher

Canadian shares are likely to open a bit higher Wednesday morning, tracking firm crude oil and gold prices.

Optimism about additional fiscal stimulus in the U.S. is also likely to support the market. Worries about continued rise in coronavirus cases may limit market's upside.

Canadian government announced that the Canada-U.S. border will remain closed to non-essential travel until at least February 21. Blair said in a written statement that the latest extension to international travel restrictions has been made to help prevent the spread of COVID-19.

The travel restrictions prevent entry to most travelers who are not Canadian citizens, permanent residents or people entering from the U.S. for "essential" reasons. The border closure initially took effect in March 2020.

The Canadian market ended modestly higher on Tuesday, riding on strong gains in the energy space after crude oil prices rose to fresh 11-month high. The benchmark S&P/TSX Composite Index ended the day with a gain of 51.35 points or 0.29% at 17,985.80.

Bombardier Inc. (BBD.B.TO) will be in focus after Bombardier Transportation said it has received an order for three additional BOMBARDIER OMNEO Regio 2N trains from French national rail operator SNCF. The order is part of the framework deal signed with SNCF in 2010 to supply up to 860 OMNEO Regio 2N trains to the French regions.

Pembina Pipeline Corporation (PPL.TO) announced Tuesday evening that it has priced an offering of $600 million of 4.80% Fixed-to-Fixed Rate Subordinated Notes. Pembina said it expects to use the net proceeds of the Offering to redeem or repurchase its outstanding cumulative redeemable minimum rate reset Class A Preferred Shares, repay other outstanding debts, as well as for general corporate purposes.

Asian stocks ened mixed on Wednesday with investors making cautious moves ahead of impeachment vote in the U.S. to remove President Donald Trump from office. Optimism about distribution of coronavirus vaccines and additional fiscal stimulus helped limit downside in the markets.

After a positive start, European stocks are edging lower as investors track news on the vaccination front and reacting to news about extension of lockdown restrictions in the continent.

In commodities, West Texas Intermediate Crude oil futures are up $0.22 or 0.41% at $53.43 a barrel.

Gold futures are gaining $11.50 or 0.65% at $1,855.70 an ounce, while Silver futures are flat $25.430 an ounce.

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