The Toronto stock market was set for a higher open Monday as oil prices rose and traders awaited the latest reading on the health of the American manufacturing sector.
The Canadian dollar was ahead 0.19 of a cent to 78.86 cents US.
Investors looked to the mid-morning release of the Institute for Supply Management's manufacturing index for January for reassurance about the U.S., which is now viewed as the major prop for the global economy. Growth in China has stalled and the European Central Bank is just now embarking on a program of quantitative easing aimed at stabilizing the economy and boosting inflation.
Canadian jobs data also comes out Friday and economists expect Statistics Canada to report that the economy cranked out 5,000 jobs in January.
Meanwhile, oil prices advanced with the March crude contract in New York up 46 cents to US$48.70 a barrel. Prices had jumped almost $4 on Friday amid news of a big drop in U.S. rig counts as producers respond to oversupply.
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