Investors are closely monitoring key economic indicators, with Canada's third-quarter GDP report set to be released at 8:30 a.m. ET today.

In addition to the GDP report, other significant economic data, including weekly jobless claims, is also expected today.

Market participants are particularly eager for U.S. inflation data, notably the personal consumption expenditure index, which will be available at 10:00 a.m. ET.

The Canadian economy is grappling with high borrowing costs, leading the Bank of Canada to implement four consecutive rate cuts this year.

Expectations are building for a further 25-basis-point rate cut at the Bank of Canada's upcoming meeting next month.

Current commodity prices reflect market conditions, with gold trading at $2,661.40 (up 0.77%), U.S. crude at $68.30 (down 0.61%), and another oil benchmark at $72.68 (down 0.82%).

The Canadian energy sector is particularly attentive to oil prices, which have stabilized following a ceasefire agreement between Israel and Hezbollah.

Despite this stabilization, the energy sector on the TSX is under scrutiny as oil prices have recently decreased, easing supply risk concerns.

The S&P/TSX composite index experienced a slight decline on November 26 due to worries over Donald Trump's proposed tariffs on imports from Canada and Mexico, as well as additional tariffs on China.

However, the TSX composite index had closed at a record high the previous day, marking its fifth consecutive month of gains, largely driven by increases in energy and industrial shares.

Traders are also anticipating a 63.5% probability of a 25-basis-point interest rate cut by the Federal Reserve in December, reflecting ongoing economic uncertainty.

In corporate news, Canadian investment firm Brookfield is reportedly abandoning its bid to acquire Spain's Grifols, according to sources.