Futures for Canada's main stock index rose on Monday, as positive economic data from China pushed up base metal prices and looked set to benefit major miners, although a U.S. holiday seemed likely to keep trading volumes subdued.
The TSX remained behind 49.06 points to close Friday and the week to 17,909.64. On the week, the loss amounted to 133 points, or 0.7%.
The Canadian dollar slid 0.09 cents to 78.24 cents U.S.
March futures improved 0.2% Monday.
News that U.S. President-Elect Joe Biden has marked cancellation of the Keystone Energy project soon after sworn in as chief executive on Wednesday. Oil company TRP Energy was one of the prime movers behind the project, and planned to have the project up and running by 2023.
China's economy, one of the largest resource importers in the world, accelerated in the fourth quarter of 2020 and was one of the few major economies to grow in the year.
Copper prices rose after the reading. Several major Canadian miners benefit from higher prices as it bumps up their margins.
On the macroeconomic beat, Canada Mortgage and Housing Corporation reported the trend in housing starts was 239,052 units in December 2020, up from 236,334 units in November.
Statistics Canada tells us foreign investors acquired $11.8 billion of Canadian securities in November, largely purchases of federal government debt securities.
At the same time, Canadian investors increased their holdings of foreign securities by $7.6 billion, led by acquisitions of U.S. shares.
Overseas, in Japan, the Nikkei 225 dropped 1%, while in Hong Kong, the Hang Seng index climbed 1%. Oil prices dipped 24 cents to $52.12 U.S. a barrel.
Gold prices regained $2.10 to $1,832 U.S.
ON BAYSTREET
The TSX Venture Exchange dipped 6.36 points Friday to 907.99.
ON WALLSTREET
Markets are closed in the U.S. for Martin Luther King Day
