Canada's resource heavy index looked set to open higher on Monday, tracking global markets and supported by a rally in commodities, as U.S. lawmakers agreed on settling policy differences to avert the impending 'fiscal cliff' crisis.
The S&P/TSX Composite Index moved higher by 66.34 points, to end Friday at 11,877.72
The Canadian dollar climbed 0.39 cents to 100.31 cents U.S. Monday morning.
In the States, Republican and Democratic congressional leaders emerged from a meeting with President Barack Obama on Friday pledging to find common ground on taxes and spending that would allow them to avert an upcoming "fiscal cliff" that could send the economy back into recession.
Hundreds of people who say they worry oil that would be carried by the Keystone XL pipeline will accelerate climate change marched around the White House on Sunday, hoping to revive a movement credited with slowing down the permit process for the crude oil project.
On a day when no major Canadian macroeconomic data is set for release, Jana Partners LLC said it intends to propose its managing partner, Barry Rosenstein, and four independent directors to the board of Agrium Inc.
Less than five months into the appointment of a hard-driving chief executive, industry laggard Canadian Pacific Railway Ltd is already showing signs of a turnaround, and investors have piled into the stock.
ON BAYSTREET
The TSX Venture Exchange climbed 12.64 points Friday to 1,235.34
ON WALLSTREET
U.S. stock futures were higher Monday as investors start the holiday-shortened week optimistic that fiscal cliff negotiations in Washington are progressing.
The Dow Jones Industrials futures charged ahead 88 points, or 0.7%, to 12,658 while S&P 500 futures gained 11.60 points, or 0.9%, to 1,371.40, and futures for the tech-rich Nasdaq triumphed 24.25 points, or 1%, to 2,557.25
Trading could be choppy this week as investors try to position themselves ahead of the Thanksgiving holiday. Markets will be closed Thursday and have a shortened day Friday.
The National Association of Realtors will release data on existing home sales for October at 10 a.m. ET.
European stocks were higher in midday trading. Britain's FTSE 100 rose 1.2%, and France's CAC 40 was up 1.6% while the DAX in Germany edged up 1.5%.
Asian markets closed higher. The Shanghai Composite edged up 0.1%, while the Hang Seng in Hong Kong was up 0.5% and Japan's Nikkei rallied 1.4%.
Crude oil for January delivery rose 1.3% to $88.02 U.S. a barrel.
Gold futures for December delivery gained $8.90 to $1,723.60 U.S. an ounce.
