• TSX ends down 0.2% at 24,507.79
• Materials group falls 1%
• Technology ends 0.8% lower
• Loonie touches a 12-week low at 1.3940

Oct 30 (Reuters) - Canada's commodity-linked main stock index ended lower on Wednesday as investors took profit in high-flying metal mining shares and weighed the potential for a weaker Canadian dollar to revive inflation.

The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 54.76 points, or 0.2%, at 24,507.79, its seventh decline in eight trading days since notching a record closing high.

"Canada is following global sentiment which is a little bit weaker," said Ben Jang, a portfolio manager at Nicola Wealth. "It's investors taking profits where they can."

Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers were due to appear before the Standing Senate Committee on Banking, Commerce and the Economy after the closing bell.

The central bank has eased interest rates by one and a quarter percentage points since June to support the economy.

"We need to cut rates but if we cut rates too aggressively, we'll weaken the (Canadian) dollar too much ... the weaker dollar effectively importing inflation," Jang said.

The Canadian currency has weakened 3.5% since late September to 1.39 per U.S. dollar or 71.94 U.S. cents. Earlier on Wednesday it touched a 12-week low at 1.3940.

The materials sector, which includes fertilizer companies and metal mining shares, fell 1% even as the price of gold extended its record-setting run. The sector has advanced 34% since the start of the year.

Technology was also a drag, falling 0.8%. Industrials ended 0.4% lower.

Not all sectors lost ground. Consumer staples rose 1.3%, while energy added 0.3% as the price of oil settled 2.1% higher at $68.61 a barrel.

Shares of Secure Energy Services Inc (SES.TO) , opens new tab jumped 9.9% after the company reported third-quarter results.

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https://www.reuters.com/markets/tsx-futures-fall-ahead-us-economic-data-2024-10-30/