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Bay Street Likely To See Mixed Open

Canadian shares are likely to open on a mixed note Wednesday morning, tracking commodity prices and the latest batch of earnings announcements, besides looking ahead to the Federal Reserve's monetary policy statement, due later in the day.

Data on Canadian retail sales for the month of February is also likely to make an impact on the market.

Investors also await U.S. President Joe Biden's address to a joint session of Congress for clues on further stimulus measures.

Meanwhile, the Bank of Canada Governor Tiff Macklem said in parliamentary testimony that the central bank remains committed to a 2% inflation target even though consumer prices are expected to temporarily rise above that level.

The Canadian market ended flat after a somewhat lackluster session on Tuesday. The benchmark S&P/TSX Composite Index ended with a small gain of 4.53 points or 0.02% at 19,175.09, after scaling a low of 19,123.41 and a high of 19,205.47 intraday.

Teck Resources Limited (TECK.B.TO) reported Wednesday that its first-quarter profit attributable to shareholders was C$305 million, compared to last year's loss of C$312 million. Earnings per share were C$0.57, compared to loss of C$0.57 a year ago.

CGI Inc. (GIB.A.TO) announced it earned $341.2 million or $1.34 per diluted share for the quarter ended March 31, compared with a profit of $314.8 million or $1.18 per diluted share in the same quarter last year.

Asian stocks rose slightly in cautious trading on Wednesday as investors awaited the results of the U.S. Federal Open Market Committee meeting later in the day for further insight into the bank's thinking on inflation and bond purchases.

European stocks are in positive territory with investors cheering a batch of strong earnings and looking ahead to policy cues from the Federal Reserve.

In commodities, West Texas Intermediate Crude oil futures are gaining $0.58 or 0.9% at $63.52 a barrel.

Gold futures are down $14.00 or 0.8% at $1,764.80 an ounce, while Silver futures are down $0.500 or 1.85% at $25.910 a barrel.

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