Futures contracts that track Canada's main stock index rose Monday ahead of crucial economic data in the week, while investors exercised some caution after Prime Minister Justin Trudeau announced he was likely to resign.
March futures on the S&P/TSX index were up 0.4%, as of 6:41 a.m. ET (11:41 a.m. GMT).
It is increasingly likely that Mr. Trudeau will announce his intention to resign, although he has not made a final decision, a source said on Sunday. His resignation could spark calls for new elections, adding uncertainty to the political landscape.
Calls for Mr. Trudeau's resignation have grown since December, when his closest ally, Chrystia Freeland, resigned as the country's finance minister after opposing him on issues such as how to manage possible US customs duties.
In addition, attention will be focused on national employment data, scheduled for release on Friday, to assess the health of the Canadian economy and the trajectory of the Bank of Canada's interest rates. Operators anticipate a probability of almost 70% for a 25 basis point reduction in interest rates.
Additionally, investors will be watching for U.S. nonfarm payrolls data, also due Friday, and comments from Federal Reserve officials, including influential Fed Governor Christopher Waller, to get clues about the easing of central bank policy.
The minutes of the latest Fed meeting are scheduled for Wednesday.
Back home, the S&P/TSX composite index of the Toronto Stock Exchange ended up 0.7% on Friday, ending a positive holiday week.
-Among commodities, oil prices held at their highest level since mid-October as colder weather boosted buying. Gold prices have also increased. [GOL/] [O/R]
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