Futures tracking Canada's main stock index held steady on Wednesday as investors stayed away from big bets ahead of the U.S. Federal Reserve's interest rate decision later in the day.

Futures on the S&P/TSX index were up 0.1% at 07:00 a.m. ET., while their U.S. counterparts were largely flat.

The Toronto Stock Exchange's S&P/TSX composite index closed at a more than six-week high on Tuesday as hopes that China could ease its COVID-19 curbs lifted resource shares.

The U.S. central bank is expected to raise interest rates by 75 basis points for the fourth straight time on Wednesday, but may open the door to a future slowdown in its policy tightening. The decision is due at 14:00 ET (1800 GMT).

Meanwhile, the Bank of Canada has not ruled out another oversized rate hike to fight sky-high inflation, Governor Tiff Macklem said on Tuesday. The BoC surprised market with a smaller-than-expected 50 bps hike last week.

Precious and base metal prices rose as the dollar weakened, with spot gold climbing 0.4%.

Prices of oil , one of Canada's top exports, slipped about 0.4% after rallying 2% in the previous session.

Among individual shares, Cenovus Energy Inc reported a nearly three-fold jump in its third-quarter profit, benefiting from higher energy prices due to rising demand as global supplies were hit by Russia's invasion of Ukraine.

Canada Goose Holdings Inc trimmed its full-year revenue and profit forecast as COVID-19-related restrictions weigh down on its luxury parka sales in China. ($1 = 1.3595 Canadian dollars) (Reporting by Shashwat Chauhan in Bengaluru)