March futures on the S&P/TSX index were down 0.1% at 7:06 a.m. ET (12:06 GMT).
Copper miners could see a decline as prices retreated on a firmer dollar and as doubts about demand prospects in China, the top consumer, were reinforced. Soaring tensions in the Middle East lifted gold prices on its safe-haven appeal.
Energy stocks could extend their gains from the previous week, as oil prices rose after escalating tensions in the Middle East and Houthi attacks in the Red Sea added to supply disruption concerns.
Investors were cautious ahead of the Federal Reserve's decision on borrowing costs, due on Wednesday, for insights into the U.S. central bank's direction on the timing of rate cuts in the year.
Also on Wednesday, a November reading of Canada's gross domestic product (GDP) could provide some more clues on the country's economic health, and the Bank of Canada's future interest rate path.
The Bank of Canada left its key overnight rate unchanged last week, while Governor Tiff Macklem said that the central bank's focus was shifting to when to cut the rates.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.1% higher at 21,125.28 on Friday, its highest closing level since May 2022.
In corporate news, electronics company Celestica is set to report its fourth-quarter earnings on Monday after the bell.
Brokerage CIBC downgraded lender goeasy's stock to "neutral" from "outperformer".
COMMODITIES AT 7:06 a.m. ET
Gold futures: $2,026.7; +0.5%
US crude: $78.14; +0.2%
Brent crude: $83.67; +0.1%
(Reporting by Purvi Agarwal in Bengaluru)
