(fxcue news) - Lower stock futures and commodity prices point to a weak start for the Canadian market on Wednesday. The focus will be on the Canadian central bank's interest rate decision due after the opening bell. The Bank of Canada is scheduled to announce its monetary policy at 9:45 AM ET. The central bank is widely expected to reduce interest rates by 50 basis points. In earnings news, Whitecap Resources (WCP.TO) reported third-quarter net profit of $274.2 million, or $0.46 per share, compared with $152.7 million, or $0.25 per share in the year-ago quarter. The Canadian market recovered from an early setback and ended flat on Tuesday. The mood was cautious with investors awaiting the Canadian central bank's interest rate decision on Wednesday. The benchmark S&P/TSX Composite Index ended down 6.63 points or 0.03% at 24,716.70. The index, which dropped to 24,565.21 in early trades, briefly moved into positive territory, rising to 24,724.53 in the closing minutes. Asian stocks ended mixed on Wednesday and the U.S. dollar index surpassed 104 mark, tracking elevated U.S. treasury yields amid easing expectations of aggressive Federal Reserve rate cuts and fears the U.S. may be heading toward fiscal collapse. Gold reached a new record high while oil prices fell after industry data showed U.S. crude inventories swelled more than expected. Chinese shares eked out modest gains after reports emerged that the government may deploy as much as 2 trillion yuan (US$280 billion) to establish a stock market stabilization fund. European stocks are down in negative territory with investors digesting and awaiting the upcoming U.K. autumn budget. The dollar is on the rise again and U.S. Treasury yields hover near three-month highs as traders ponder the prospect of a Donald Trump presidency. It is feared that Trump policies including tariffs and restrictions on undocumented immigration could increase inflation and keep interest rates relatively high for a longer-than-anticipated period. In commodities, West Texas Intermediate Crude oil futures are down $1.19 or 1.66% at $70.55 a barrel. Gold futures are down $1.90 or 0.07% at $2,757.90 an ounce, while Silver futures are lower by $0.371 or 1.06% at $34.670 an ounce.