Futures on the S&P/TSX index were up 0.7% at 0641 a.m. ET (1141 GMT) after the index closed firmer on Friday, boosted by the technology sector.
U.S. futures were subdued ahead of a slew of earnings by big technology and growth stocks this week.
Spotlight was on the Bank of Canada (BoC) this week ahead of its decision on interest rates, with investors widely leaning towards a 25-basis-point hike on Wednesday.
The Canadian central bank was one of the first central banks globally to start hiking its overnight lending rate last year in a bid to curtail runaway inflation.
Leading up to the decision, the BoC said on Sunday it will offer minutes from its policy-setting meeting this week for the first time in its history, a move some analysts say will help restore credibility lost last year amid soaring inflation and encourage an out-of-the-box thinking.
The minutes will be released on Feb. 8.
Crude oil and copper prices gained ground, lifted by the prospects of an economic recovery in top consumer China, while gold prices were muted. [O/R] [GOL/] [MET/L]
Commodity prices have a major impact on Toronto stocks, as materials and energy companies combined have a weightage of about 31% on the main index.
In individual company news, Canada's Ritchie Bros Auctioneers will increase cash payout for IAA Inc shareholders to $12.80 per share from $10 as part of the deal to buy the U.S.-based company, the Wall Street Journal reported.
($1 = 1.3364 Canadian dollars)
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips)
