TSX could open higher

Canada's main stock index looked set to open higher, although gains might be capped after San Francisco Federal Reserve Bank President John Williams hinted the U.S. central bank could begin pulling back its aggressive monetary easing policy this summer.

The S&P/TSX composite index finished Thursday up 33.95 points to 12,507.60

The Canadian dollar plummeted 0.83 cents to 97.30 cents U.S. early Friday.

Stock markets in Canada are closed Monday for Victoria Day.

Raymond James raised the target price on CAE Inc. to $12.50 from $12 on valuation after the company reported better-than-expected fourth-quarter results

Paradigm Capital cut the price target on Copper Mountain Mining to $6 from $6.25 after the company announced that its SAG mill motor transformer failed, which could impact 2013 copper production

In the economic file today, Statistics Canada reported this morning that the consumer price index rose 0.4% in the 12 months leading up to April, following a 1.0% increase in March. However, on a seasonally adjusted monthly basis, the index decreased 0.4% in April, after posting no change in March.

The agency also said wholesale sales advanced by 0.3% in March to $49.1 billion, due mostly to higher sales in the motor vehicle industry.

ON BAYSTREET

The TSX Venture Exchange dropped 4.01 points Thursday to 932.86

ON WALLSTREET

U.S. stocks are indicating they may move higher Friday morning in what could prove to be a quiet day of trading.

Futures for the Dow Industrials jumped 48 points, or 0.3%, to 15,260. Futures for the S&P 500 picked up 6.10 points, or 0.4%, to 1,654.20, and futures for the NASDAQ hiked 7.5 points, or 0.4%, to 3,005.78.

J.C. Penney shares slipped in after-hours trading after the ailing retailer reported another massive loss. Pre-market data indicates the shares will open 3% lower.

Dell shares fell slighly after-hours after the PC-maker reported lower-than-expected earnings.

European markets took their cue from Thursday's U.S. market moves. All major European indexes were in the red in morning trading.

Meanwhile, Asian markets ended higher. The Shanghai Composite added 1.4% and the Nikkei 225 increased 0.7%. The Hong Kong exchange was closed for a holiday

Economically speaking, the consumer sentiment survey is due at 10:00 a.m. ET from the University of Michigan and Thomson Reuters.

Oil prices fell added 47 cents to $95.60 U.S. a barrel

Gold prices surrendered $11.00 to $1,375.90 U.S.