March 4 (Reuters) - Futures for Canada's main stock index dipped on Monday, as investors remained cautious ahead of U.S. economic data and the Bank of Canada's monetary policy decision this week, while lower crude oil prices also weighed.
March futures on the S&P/TSX index were down 0.3% at 7:18 a.m. ET (1218 GMT).
Following favorable U.S. inflation data last week, labor market reports in the country, including nonfarm payrolls, are expected to guide expectations from the Federal Reserve on interest rate cuts during the year.
Back home, Bank of Canada's (BoC) decision on borrowing costs is due on Wednesday, where it is widely expected to keep interest rates on hold at the current level of 5%.
Markets, however, will watch for clues regarding a rate cut, with money market pricing in about 73% chance of at least a 25-basis-point (bps) reduction in June. #BOCWATCH
Oil prices edged down on Monday as traders indulged in some profit taking a day after the widely expected extension of voluntary output cuts by the OPEC+ producer group.
Gold lingered close to a two-month high, while copper prices rose ahead of a key political meeting in China that could pave the way for growth stimulus in the top consumer.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab on Friday closed at its highest level since April 2022, led by gains in resources and technology shares.
Fuel retailer Parkland Corp's (PKI.TO), opens new tab biggest shareholder Simpson Oil said on Sunday it would evaluate options to protect its rights after Parkland advanced its annual meeting, limiting Simpson's ability to nominate directors.
COMMODITIES AT 7:18 a.m. ET
Gold futures : $2,090.9; -0.2%
US crude : $79.43; -0.7%
Brent crude : $83.14; -0.5%
Reporting by Purvi Agarwal in Bengaluru; Editing by Shilpi Majumdar
