April 21 (Reuters) - Canada's main stock index was steady on Friday, set to climb for a fifth straight week, as better-than-expected retail sales data lifted consumer staples, although a drop in precious and base metal prices pressured miners and capped gains.
At 10:01 a.m. ET (1401 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) held its ground at 20,611.67.
Canada's retail sales fell 0.2% in February on lower sales at gasoline stations and general merchandise retailers, but came in smaller than analysts' forecast of a 0.6% fall.
Consumer staples (.GSPTTCS) added 1.1% while rate-sensitive technology stocks (.SPTTTK) gained 0.8%.
"Retail sales came in a little bit better than expected and that's helping boost the sentiment for Canada," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
"The interest rates have gone up and you're expecting that would cause a recession, and then the economic data is better than expected, that's a good thing."
The TSX index is poised to eke out a weekly gain, with the slump in commodity stocks being offset by signs of easing inflation after the Bank of Canada kept interest rates unchanged last week.
Spot gold prices , however, tumbled nearly 1% with markets expecting the U.S. Federal Reserve to opt for a higher-for-longer interest rate stance to control inflation, dragging materials sector (.GSPTTMT), which includes precious and base metals miners down 1.4%.
Among single stocks, Imperial Oil (IMO.TO) inched 0.3% lower after the CEO apologized to Canadian lawmakers for toxic tailings leaks at its Kearl oil sands mine.
Norway's sovereign wealth fund, one of the world's largest investors, said it will support a plan by Teck Resources (TECKb.TO) to spin off its metallurgical coal business and focus on copper and zinc. Shares of the Canadian miner were down 2.7%, in line with the broader market.
