TSX futures retreats from record rally; focus on week's economic data

(Reuters) -Futures tied to Canada's main stock index edged lower on Tuesday, pulling back from the prior session's record high, as investors turned cautious ahead of key economic data that could influence Bank of Canada's interest-rate path later this month.

Futures on the S&P/TSX index slipped 0.16% to 1,693 points by 06:45 a.m. ET (1045 GMT). The benchmark index closed at a record high on Friday ahead of the Labour Day break.

Data showed on Friday that Canada's economy contracted more than anticipated on an annualized basis in the second quarter, as U.S. tariffs squeezed exports.

Meanwhile, money markets on Tuesday increased their rate-cut bets for the September 17 meeting to 53% from a previous 48%, after the GDP report was released. The BoC has kept rates steady at 2.75% at its last three meetings since March.

Investors will closely watch the domestic unemployment data, due later this week, for clues to the labour market ahead of the central bank's meeting this month.

Focus will also be on the U.S. nonfarm payrolls report expected on Friday, which will provide investors and the U.S. Federal Reserve a clearer picture of the labour market that has become the centre of policy debate.

In commodities, gold prices scaled to an all-time high on Tuesday. Oil prices also rose, while copper prices slipped.

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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Shreya Biswas)