March 6 (Reuters) - Futures for Canada's main stock index jumped on Wednesday, ahead of the Bank of Canada's interest rate verdict and the U.S. Federal Reserve Chair Jerome Powell's congressional testimony, while higher crude prices also supported gains.
March futures on the S&P/TSX index were up 0.6% at 6:51 a.m. ET (11:51 GMT), mirroring gains in their Wall Street peers.
The BoC's monetary policy decision is due at 9:45 a.m. ET. The central bank is expected to hold its key overnight rate steady at 5%, economists said, even though data have shown inflation easing and economic growth sputtering.
The BoC had held its key overnight rate at its last meeting on Jan. 24, after data showed that inflation in the country was sticky, as opposed to a resilient U.S. economy.
Across the border, Powell's two-day congressional testimony before the U.S. House Financial Services Committee will commence at 10 a.m. ET, where the policymaker will explain to lawmakers why the window for a "soft landing" may be narrowing.
Investors will be closely monitoring the comments, that will set the tone for interest rate cut expectations in the year.
On the commodities front, oil prices rebounded slightly after four days of declines as signs of supply tightness amid output cuts by major producers overrode demand concerns in China and the U.S.
Spot gold prices held above the $2,100 level on mounting hopes of U.S. rates easing by mid-year, while copper also climbed. {MET/L]
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended down 5.14 points, as losses for the technology sector offset gains for resource shares.
In corporate news, payments tech company Nuvei Corp (NVEI.TO), opens new tab reported its fourth-quarter results above analysts' estimates.
COMMODITIES AT 6:51 a.m. ET
Gold futures : $2,137.9; +0.2%
US crude : $78.97; +1.1%
Brent crude : $82.64; +0.7%
Reporting by Purvi Agarwal in Bengaluru; Editing by Shailesh Kuber
