September futures on the S&P/TSX index were up 0.4% at 7:04 a.m. ET (1104 GMT). The Toronto Stock Exchange's S&P/TSX composite index ended 0.05% higher on Wednesday.
Oil gained almost 1% helped by tightness in supply, while prices of both base and precious metals rose on a softer dollar.
The Fed raised rates by 25 basis points as expected on Wednesday, a move the European Central Bank is expected to mirror on Thursday as it is also expected to be approaching the end of its tightening campaign.
Fed Chair Jerome Powell said the economy still needed to slow and the labor market to weaken for inflation to "credibly" return to the U.S. central bank's 2% target.
Traders were provided with clarity on the Bank of Canada (BoC) interest rate trajectory after minutes published on Wednesday showed policymakers discussed delaying a rate hike at the July 12 meeting before deciding on a raise to ensure progress in dampening inflation did not stall.
Data on Canada's average weekly earnings and business barometer is due later in the day.
Among company earnings, miner Teck Resources missed profit estimates and lowered its annual copper production outlook.
Oil and gas producer Cenovus Energy Inc reported a 64% fall in second-quarter profit and lowered its total production outlook for 2023.
COMMODITIES AT 7:04 a.m. ET
Gold futures: $1,976.6; +0.3%
US crude: $79.45; +0.9%
Brent crude: $83.43; +0.6% ($1= C$1.3179)
(Reporting by Siddarth S in Bengaluru; Editing by Savio D'Souza)
