March futures on the S&P/TSX index were down 0.3% at 7:28 a.m. ET (12:28 GMT) while their U.S. peers traded flat.[.N]

Prices of gold and non-ferrous metals moved in a narrow range ahead of Chinese New Year holiday and remarks from U.S. Federal Reserve officials. [GOL/] [MET/L]

On the flipside, energy shares were set to extend their gains from the previous session as oil prices rose after a lesser-than-expected growth in U.S. crude inventories and a cut in the output growth forecast eased concerns about potential oversupply. [O/R]

Bank of Canada's Governor Tiff Macklem said on Tuesday that more time was needed for the monetary policy to ease price pressures, while warning that shelter costs cannot be tamed by changing interest rates.

The Canadian central bank left its key overnight rate unchanged at its last policy decision on Jan. 24, although it said policymakers' focus was shifting to when to cut rates.

The minutes of the meeting will be released at 1:30 p.m. ET on Wednesday.

The Toronto Stock Exchange's S&P/TSX composite index ended up 0.4% on Tuesday, helped by industrial and financial stocks. The benchmark index made a recovery from its biggest decline in almost three weeks logged on Monday.

On the corporate side, automation solutions provider ATS Corp reported its third-quarter revenue above analysts' expectations.

Canadian trade minister Mary Ng said on Tuesday that the government aims to support miner First Quantum as the company deals with the fallout from the closure of its flagship copper mine in Panama.

COMMODITIES AT 7:28 a.m. ET

Gold futures: $2,039.6; -0.1% [GOL/]

US crude: $73.97; +0.9% [O/R]

Brent crude: $79.26; +0.9% [O/R]

(Reporting by Purvi Agarwal in Bengaluru; Editing by Shweta Agarwal)