U.S. stock futures were pointing to a higher opening.
On Friday, the S&P/TSX Composite Index edged down 18.38 points or 0.15% to 11,927.59, after gaining nearly 500 points or 4.27% in the previous six sessions.
Over the weekend, the People's Bank of China said that it would 'strengthen the flexibility' of the country's currency, signaling that it was ready to break a 23-month-old peg to the dollar that had come under intense international criticism. The financial markets across the global surged higher welcoming the decision.
The move also reduces the threat of inflation in China, easing worries over a possible rate hike in the nation.
The price of oil moved up near its 6-week high on China's move, with crude for July adding $1.15 to $78.33 a barrel.
The price of gold was trading steady near its all-time high. Gold for August delivery edged up $1.0 to $1,259.30 an ounce.
In the international M&A space, Dutch paint-maker Akzo Nobel NV said it has agreed to sell its starches arm to U.S.-based Corn Products International (CPO) for around $1.3 billion in cash.
In corporate news, Valeant Pharmaceuticals International (VRX) and pharmaceutical company Biovail Corp. (BVF.TO) announced plans to merge into a new company called Valeant Pharmaceuticals International, Inc. Valeant shareholders would receive a one-time special cash dividend of $16.77 per share and 1.7809 common shares of Biovail in exchange for each common share.
Base metals mining company Quadra FNX Mining (QUX.TO) guided copper production at 265 million pounds for the fiscal year 2010, compared to its previous estimate of 300 million pounds. Gold and precious metal production guidance remains unchanged at 155,000 ounces.
Uranium and gold mining company First Uranium (FIU.TO) reported a wider fourth-quarter loss of $0.14 per share, compared to $0.08 per share last year.
Uranium producer Cameco Corp. (CCO.TO) said it has increased its stake in uranium mining company UEX Corp. (UEX.TO) to about 23.3%, by acquiring 4.12 million shares for C$3.37.
Integrated drug development company Akela Pharma (AKL.TO) reported a narrower first quarter net loss of $0.01 per share, compared to net loss of $0.12 per share for the year-ago quarter.
Power generation company TransAlta Corp. (TA.TO) announced that it appointed Brett Gellner as chief financial officer, succeeding Brian Burden.
Forest products company West Fraser Timber (WFT.TO) said it has appointed Ted Seraphim as the company's Executive Vice-President and COO, effective July 1, 2010.
Zinc and copper mining company HudBay Minerals (HBM.TO) announced the appointment of David Garofalo as President and CEO and to the Board of Directors of the company, effective July 12, 2010. Garofalo has been most recently CFO of Agnico-Eagle Mines (AEM.TO).
Precious metals explorer Premium Exploration (PEM.V) said its unit, Premium Exploration USA Inc., has agreed to acquire Clearwater Mining Corp.
Residential mortgage insurer Genworth MI Canada (MIC.TO) said it would issue C$275 million of debentures, bearing interest at a fixed annual rate of 5.68% until maturity on June 15, 2020.
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