Bay Street Seen Opening On Cautious Note

The Canadian market is likely to open on a cautious note on Tuesday with investors looking ahead to the Bank of Canada's interest rate decision tomorrow.

Flash data on U.S. manufacturing and services sector activity for the month of January, due at 9:45 AM ET, is also likely to impact market's movements.

Higher commodity prices could trigger some buying in energy and materials shares.

In company news, Magna International Inc. (MGA.TO) said sales were around $37.8 billion in fiscal 2022, compared with $36.242 billion in the previous year. In its November outlook, the company had expected to post sales of $37.4 billion to $38.4 billion, for the fiscal.

Metro Inc. (MRU.TO) reported first-quarter net earnings of $231 .1 million, up 11.3%, and adjusted net earnings of $237 .6 million, up 10.9%, over the year-ago quarter.