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Bay Street May Open With Slightly Positive Bias

The Canadian stock market is likely to open on a cautious note with a slightly positive bias on Tuesday. Investors will also be reacting to data on Canada's fourth-quarter GDP, and tracking commodity prices.

Quarterly earnings reports and other corporate news will also set the trend for the market.

Canopy Growth Corp. (WEED.TO) has launched its Cannabidiol (CBD) beverage brand Quatreau in the high-potential U.S. market. Quatreau is a premium ready-to-drink CBD-infused sparkling water that delivers natural flavors with zero sugar and only 25 calories.

George Weston Ltd. (WN.TO) reported its fourth-quarter profit of $289 million or $1.88 per diluted share for the quarter ended Dec. 31, compared to a profit of $433 million or $2.81 per diluted share a year earlier.

Spin Master Corporation (TOY.TO) reported adjusted net income of US$14.6 million or US$0.14 per share for the fourth quarter, compared to an adjusted net loss of US$7.8 million or US$0.08 per share in the year-ago quarter.

The Canadian market ended on a buoyant note on Monday, tracking positive cues from global markets amid encouraging economic data, developments on the vaccine front and news about the U.S. House Representatives passing President Joe Biden's $1.9 trillion coronavirus relief bill.

The benchmark S&P/TSX Composite Index ended up by 239.36 points or 1.33% at 18,299.62, after climbing to a high of 18,363.22.

Asian stocks ended broadly lower on Tuesday, due largely to profit taking after recent gains.

European stocks are moving higher after a weak start. The continued drop in U.S. Treasury yields, and optimism about quicker global economic recovery contribute to the positive mood in the markets.

In commodities, West Texas Intermediate Crude oil futures are up $0.18 or 0.3% at $60.82 a barrel.

Gold futures are up $6.50 or 0.4% at $1,729.50 an ounce, while Silver futures are down $0.268 or 1% at $26.410 an ounce.

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