Canadian shares are likely to open slightly higher Tuesday morning, tracking firm commodity prices.
However, worries about the surge in coronavirus cases in major Asian countries may weigh on the market and limit its upside.
Investors will look ahead to the release of the minutes of the Federal Reserve's latest policy meeting for more cues on the U.S. central bank's monetary policy.
The Canadian market ended on a firm note on Monday, extending gains to a third day, led by gains in energy and materials shares. The benchmark S&P/TSX Composite Index ended up by 107.96 points or 0.56% at 19,474.65, almost near the day's high.
Canadian biopharmaceutical company Medicago, Inc. (MDG.TO) and GlaxoSmithKline (GSK,GSK.L) announced Tuesday positive interim Phase 2 clinical trial safety and immunogenicity data for Medicago's plant-derived COVID-19 vaccine candidate, which has been tested in combination with GSK's pandemic adjuvant.
Asian markets closed higher on Tuesday, due largely to bargain hunting and short-covering after recent sell-off on worries about inflation and a surge in coronavirus cases in a number of Asian countries.
The major European markets are holding in positive territory despite paring some early gains. Stocks opened on a firm note in light of easing of various pandemic-related restrictions. Germany has decided to allow vaccinated travelers or people who have recovered from the virus to skip testing and quarantine, while the French government is going ahead with its plans to almost completely and restrictions by end June.
In commodities, West Texas Intermediate Crude oil futures are up $0.33 or 0.5% at $66.50 a barrel.
Gold futures are gaining $3.20 or 0.17% at $1,870.80 an ounce, while Silver futures are rising $0.396 or 1.4% at $28.670 an ounce.
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