Futures on the S&P/TSX index were down 0.2% at 7:51 a.m. ET.
Investors will also closely monitor domestic housing starts data, which is expected to show that Canada had less new residential buildings in May compared with the previous month. The report is due at 8:15 a.m. ET.
The U.S. central bank left interest rates unchanged on Wednesday but signaled more interest rate hikes this year that could go up to a half a percentage point raise.
Traders see a 72% chance of a 25-basis-point hike in July, up from around 60% odds a day earlier, according to the CME Fedwatch tool.
Meanwhile, Bank of Canada is expected to raise interest rate again in July to 5.00% after a surprise 25-bps increase last week.
Oil prices gained following a plunge in the previous session, while gold and silver prices dipped as the U.S. dollar strengthened after the Fed added a hawkish tilt to its interest rate decision. [GOLD/][O/R]
Copper prices fell on poor economic data from top metals consumer China. [MET/L]
The Toronto Stock Exchange's S&P/TSX composite index ended up 0.1% on Wednesday, its highest closing level since June 6.
In company news, Gibson Energy said on Wednesday it will buy South Texas Gateway oil terminal from Buckeye Partners and its partners for $1.1 billion as the Canadian energy infrastructure company looks to expand into U.S. crude oil export markets.
COMMODITIES AT 07:51 a.m. ET
Gold futures: $1,938; -1.1% [GOLD/]
US crude: $68.94; +1% [O/R]
Brent crude: $73.92; +1% [O/R]
U.S. ECONOMIC DATA DUE ON THURSDAY
Retail sales at 8:30 a.m. ET
Philly business index at 8:30 a.m. ET
Industrial production at 9:15 a.m. ET
($1 = 1.3329 Canadian dollars)
(Reported by Shubham Batra in Bengaluru; Editing by Shweta Agarwal)
