(fxcue news) - Canadian shares are likely to open on positive note Tuesday morning, tracking higher oil and metal prices. However, Canada's consumer price inflation data, due before the opening bell, holds the key. Worries about U.S. tariffs, and geopolitical tensions could weigh on sentiment and limit market's upside. The annual inflation rate in Canada eased to 1.8% in December of 2024 from 1.9% in the previous month, to mark the softest rate of price growth since September. The Consumer Price Index decreased 0.4% month-over-month in December, the first decline in three months, after a flat reading in November, The annual core inflation rate in Canada rose to a six-month high of 1.8% in December 2024, up from 1.6% in the prior month. On a monthly basis, core consumer prices fell by 0.3% in December, following a 0.1% decrease in the previous month. CGI Inc (GIB.A.TO) will be in focus after Volkswagen Group announced an enhanced global collaboration with CGI. The strategic move aims to enhance the Volkswagen Group's long-term capabilities to build a robust IT infrastructure for the future. Volkswagen and CGI have launched a new entity called MARV1N, to help develop digitalization projects and provide support for Volkswagen's developers. Cargojet Inc (CJT.TO) reported adjusted net profit of $27.2 million or $1.71 per diluted share for the fourth-quarter of 2024, compared to $5.8 million or $0.34 per diluted share in the year-ago quarter. The Canadian market ended notably lower on Friday with investors reacting to some weak earnings updates, and data showing weaker than expected U.S. retails data. Worries about potential new tariffs by the Trump administration weighed as well on sentiment. The benchmark S&P/TSX Composite Index ended down 215.28 points or 0.84% at 25,483.23, slightly off the day's low of 25,470.77. The index gained a marginal 0.14% in the week. Asian stocks closed mixed on Tuesday amid U.S. tariff concerns and ahead of Ukraine peace talks in Saudi Arabia. European stocks are slightly higher in cautious trade with investors reacting to quarterly earnings updates, and closely monitoring the developments on the geopolitical front. In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.6% at $71.17 a barrel. Gold futures are gaining $28.20 or 0.98% at $2,928.90 an ounce, while Silver futures are up $0.085 or 0.25% at $32.940 an ounce.