Canada's main stock index moved within reach of its all-time high on Tuesday as base metal and oil prices rose and U.S. President Donald Trump smoothed the path for TransCanada Corp's (TRP.TO) Keystone XL pipeline.

TransCanada jumped 2.7 per cent to $64.24 after Trump signed two executive orders to move forward with construction of the controversial Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favor of expanding energy infrastructure.

"Having access to different entry points into the U.S. is good and positive (for the energy sector). It reinforces the economic and energy integration between Canada and the United States," said Michael Simpson, senior portfolio manager at Sentry Select Capital Corp.

The energy group, which had hit a nearly two-month low on Monday amid investor worries about a U.S. border adjustment tax, rallied 2.3 per cent.

Investors have taken greater heed of Trump's recent comment that a border adjustment provision is too complicated, Simpson said.

Suncor Energy Inc (SU.TO), Canada's largest oil and gas producer, rose 2.4 per cent to $42.45 as higher oil prices also helped boost sentiment.

U.S. crude oil futures settled 43 cents higher at US$53.18 a barrel ahead of weekly U.S. inventory data on evidence the global market is tightening as lower production by OPEC and other exporters drains stocks.

The Toronto Stock Exchange's S&P/TSX composite index closed up 130.56 points, or 0.84 per cent, at 15,610.69, its highest close since September 2014.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 per cent as copper prices rose more than 2 per cent and other base metals also gained.

Teck Resources Ltd (TECKb.TO) surged 6.9 per cent to $34.18 and First Quantum Minerals Ltd (FM.TO) added 3.2 per cent to $17.33.

All of the index's 10 main groups ended higher, with the heavyweight financials group gaining 0.2 per cent and consumer discretionary stocks climbing 0.7 per cent.

A planned EU-Canada free-trade deal, seen as a counterweight to anticipated U.S. protectionism under Trump, moved closer to reality after a key committee advised the European Parliament to give its backing after months of protests and heated debate.