Canadian Stocks Set to Open Higher on U.S. Inflation Data and Oil Prices

Futures linked to the S&P/TSX Composite Index indicate that the Canadian stock market is set to open higher on Thursday, benefiting from improved global sentiment, aiming to end a streak of four consecutive sessions without gains.

This optimism follows the release of U.S. inflation data that came in below expectations, bolstering investor bets on the possibility of more interest rate cuts by the Federal Reserve next year, which has supported risk appetite in global markets, including Canada.

In the energy sector, oil prices have slightly moved upwards as markets assess the risks of additional U.S. sanctions on Russia and the potential for disruptions in supply related to the Venezuelan oil tanker blockade, which could provide support for shares of listed Canadian energy companies.

Conversely, gold prices have experienced a limited decline, applying pressure on local mining stocks, which tend to move in tandem with the performance of the precious metal.

On another note, positive momentum continues in cannabis stocks, driven by reports suggesting that U.S. President Donald Trump may address federal marijuana decriminalization, enhancing expectations for a better regulatory environment in the United States. The stock of Canopy Growth is expected to continue its gains after jumping approximately 5% in the previous session.

This scenario reflects a balance between support from global monetary policy and energy prices against some sectoral pressures, as investors await the market's direction for the remainder of the session.