June 6 (Reuters) - Canada's main stock index rose on Tuesday to its highest closing level in two weeks, helped by gains for the technology sector and an increase for Teck Resources shares as investors awaited a Bank of Canada interest rate decision.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 123.98 points, or 0.6%, at 20,055.60, its highest closing level since May 23.
"The TSX Composite is getting a boost (Tuesday), led by the technology sector," said Brandon Michael, senior investment analyst at ABC Funds.
Technology gained 2.1%, led by an increase of nearly 6% for e-commerce company Shopify Inc (SHOP.TO)
Heavily weighted financials were up 0.9%, while energy gained 1% even as the price of oil settled 0.6% lower at $71.74 a barrel.
Teck Resources Ltd (TECKb.TO) said it has received several indications of interest for its steelmaking coal business after withdrawing a plan to separate its copper and coal business. Its shares ended nearly 3% higher.
The Bank of Canada became the first major global central bank to pause its rate-hike campaign in January, but the economy's surprisingly strong performance since then will test Governor Tiff Macklem's resolve to stay on the sidelines at a policy decision on Wednesday.
"Against a backdrop of surprisingly strong economic data and a buoyant housing market, (Wednesday's) meeting could go either way," Michael said. "In any case, we believe we are in the final innings of this tightening cycle, with all indications pointing to a soft landing for the economy."
The Ivey Purchasing Managers Index fell in May to a three-month low but still showed that economic activity is expanding.
Reporting by Fergal Smith in Toronto and Ankika Biswas in Bengaluru; Editing by Shweta Agarwal and Will Dunham
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