Oct 24 (Reuters) - Canada's main stock index closed flat on Monday, as markets prepared for another possible supersized rate hike by the Bank of Canada (BOC) on Wednesday, in its campaign to fight inflation.

Mining and technology stocks slumped, reversing the index's early gains, and countering optimism about a slowdown in the pace of U.S. interest rate hikes.

The Toronto Stock Exchange's S&P/TSX composite index closed down 0.30% at 18,918.40. The index hit a two-week high at the open.

Wall Street's main indexes closed up on hopes the U.S. Federal Reserve will slow its pace of rate hikes after data showed its aggressive tightening is cooling the economy.

"We won't see too much action in the Canadian market until the BOC announcement is out," said Elvis Picardo, portfolio manager with Luft Financials.

Traders are pricing in a nearly 75% chance of another 75 bps rate hike by the Bank of Canada on Wednesday.

Canada's main stock index rallied on Friday along with U.S. shares after a report said the Federal Reserve will likely debate on a smaller interest rate hike in December.

"I don't think the Bank of Canada, like the Federal Reserve, cares about the damage that they could be causing. They're willing to put the economy into some sort of a recession to fight inflation," said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth.

Statistics Canada on Monday reported that factory output mostly likely fell 0.5% in September.

Energy stocks closed at almost 2% up as crude prices gave up earlier losses. Brent crude was flat after falling more than $2 a barrel on concerns about demand from China.

Mining stocks were among the biggest drags on the main index as precious metal prices slid more than 1% against the dollar.

Among single stocks, NFI Group fell 19% after the bus manufacturer cut fiscal 2022 revenue guidance and warned of margin pressure from higher inflation. (Reporting by Shashwat Chauhan in Bengaluru; Divya Rajagopal in Toronto, Editing by Krishna Chandra Eluri and Aurora Ellis)