September futures on the S&P/TSX index were up 0.2% at 6:47 a.m. ET (1047 GMT), mirroring gains in their U.S. counterparts.

The focus would remain on the U.S. Fed, European Central Bank and the Bank of Japan, which will be announcing their respective interest rate decisions later in the week.

Oil prices were steady on Monday as traders expected more rate hikes from U.S. and European central banks, but tightening supply and hopes for Chinese stimulus helped gains.

Gold prices held steady, but copper prices slid on concerns over tepid demand in top consumer China and increasing supplies, with investors also anxiously awaiting more stimulus from Beijing to revive industrial demand.

Canadian earnings season will pick up pace this week, with railroad operator Canadian National Railway, telecoms major Rogers Communications and mining firm Teck Resources being some of the major companies reporting their quarterly results.

Over in the United States, technology majors Microsoft, Alphabet and Meta Platforms will be some of the major companies reporting this week.

The Toronto Stock Exchange's S&P/TSX composite index posted its second straight week of gains last week and closed at its highest level in over two months on Friday.

Among individual stocks, brokerage Moffettnathanson upgraded rating on e-commerce company Shopify to "outperform" from "market perform".

Canaccord Genuity raised its price targets on several Canadian banks, including National Bank of Canada, Bank of Montreal and Toronto-Dominion Bank, citing positive U.S. banks earnings last week.

COMMODITIES AT 6:47 a.m. ET

Gold futures: $1,966.5; -0.01%

US crude: $77.73; +0.9%%

Brent crude: $81.72; +0.8%

($1 = 1.3197 Canadian dollars)

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shweta Agarwal)