TORONTO -- The Toronto stock market appeared set to move lower Wednesday as traders consolidate four days of advances and consider earnings reports from the energy and grocer segments.

The Canadian dollar was up 0.47 of a cent from Monday's close to 88.39 cents US.

Trading is expected to be more active as banks, businesses and Treasury markets were closed Tuesday for Remembrance Day in Canada and Veterans Day in the U.S.

New York futures indicated a lower start to the trading day with the Dow Jones industrial futures down 66 points to 17,502, the Nasdaq futures were four points lower to 4,179.3 and the S&P 500 futures fell 7.8 points to 2,028.7.

Encana Corp. (TSX:ECA) posted operating earnings of $281 million or 38 cents a share, missing estimates of 50 cents a share. Encana did better than estimates on cash flow, which increased to $1.09 per share from 89 cents per share and eight cents above the estimate of $1.01 per share.

Loblaw Companies Ltd. (TSX:L) reported adjusted earnings of $371 million or 90 cents a share, up 23 per cent from a year ago and three cents ahead of estimates. Revenue shot up 36 pe cent to $13.6 billion, reflecting its acquisition of Shoppers Drug Mart.

Other major companies reporting earnings Wednesday include Iamgold (TSX:IMG).

The Toronto stock market racked up a 50-point advance Tuesday as traders bought up gold stocks that have come under severe selling pressure recently. That sector has lost 13 per cent in the last month while gold prices have fallen amid an end to the U.S. Federal Reserve's quantitative easing stimulus, a rising U.S. dollar, positive American economic data and low inflation readings.

U.S. markets finished marginally higher to yet another record high but analysts are wondering what could drive indexes higher after the rapid recovery from the October selloff.

Meanwhile, there was another reminder that the eurozone could find itself back in recession after the German government's independent panel of economic advisers forecast growth of just one per cent next year. The panel also cut its 2014 growth forecast for Europe's biggest economy to 1.2 per cent from its 1.9 per cent prediction in March. The government recently forecast growth of 1.2 per cent this year and 1.3 per cent next year.

The advisers pointed to "geopolitical risks" such as the Ukraine crisis and weak eurozone growth.

Oil prices headed lower ahead of the latest U.S. inventory data coming out later in the morning. Prices have fallen dramatically from around US$105 mid-summer.

December crude dropped 62 cents to US$77.32 a barrel.

The International Energy Agency said Wednesday that lower oil prices could hit investment in new supplies, leaving the world more reliant on output from the Middle East. Chief economist Fatih Birol said that if oil prices remain at their current levels, capital investment in U.S. shale oil is expected to decline by 10 per cent next year.

Other commodities were mixed with December gold up $2.70 to to US$1,165.70 a barrel and December copper down a cent to US$3.03 a pound.