Sept 22 (Reuters) - Futures tied to Canada's main stock index edged higher on Monday, after posting a seventh straight weekly gain last week, with markets cheering the Bank of Canada's rate cut to support the domestic economy.
Futures for the S&P/TSX index (.SXFcv1), rose 0.3% to 1,767.10 points by 06:40 ET (1040 GMT), after the TSX added 1.7% the previous week.
The commodity-heavy index, which has benefitted from the rise in gold prices, is up 20.4% for the year, compared with the benchmark U.S. S&P 500's 13.3% rise.
Retail sales data last Friday showed that domestic sales fell 0.8% in July, with an advanced indicator pointing to a rebound by 1% in August.
The country's GDP data will be in focus later this week, with analysts expecting the Canadian economy to continue showing signs of weakness due to trade uncertainty.
Meanwhile, Canada became one of the four major Western nations to recognise a Palestinian state on Sunday and promote a two-state solution, a move that prompted a furious response from Israel.
In commodities, gold scaled a fresh record high as markets expected further rate cuts from the U.S. Federal Reserve, while silver surpassed a 14-year high tracking gold's moves. Oil prices , were little changed.
In company news, Canadian pension fund La Caisse will buy Australian renewables developer Edify Energy for A$1.1 billion ($724.57 million).
($1 = 1.3799 Canadian dollars)
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Reporting by Twesha Dikshit; Editing by Shreya Biswas
