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September futures on the S&P/TSX index was flat at 1,185.50 points at 7:10 a.m. ET.
Canadian stocks have rallied along with its global counterparts in recent weeks after being hit by geopolitical uncertainty and central bank interest rate hikes to tackle soaring inflation.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 49.04 points, or 0.25%, at 19,669.17, on Monday after touching its highest intraday level since mid-June at 19,768.01.
Investor sentiment was cautious on the day ahead of a key U.S. inflation reading on Wednesday. A higher reading could fuel bets of more aggressive interest rate hikes by the Federal Reserve, underscoring that inflation may not have come under control. Canada is expected to report on its inflation figures next week.
Brent crude and WTI futures edged higher following reports of Russia suspending oil exports. Earlier, oil futures slipped on chances of a supply boost following progress in talks to revive the 2015 Iran nuclear deal. [O/R]
On Wall Street, Dow e-minis were up 18 points, or 0.05% at 7:05 a.m. ET, while S&P 500 e-minis were down 5 points, or 0.12% and Nasdaq 100 e-minis were down 57 points, or 0.43%. [.N]
