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Bay Street Likely To Open Higher

Canadian shares may open higher Monday morning, tracking cues from European markets, where stocks are surging higher amid reports of a drop in new coronavirus infections in some European countries over the weekend.

However, surging new cases in the U.S. may prompt investors to refrain from making big moves and this could limit market's upside.

On Friday, the benchmark S&P/TSX Composite Index ended down 159.54 points, or 1.22%, at 12,938.30, after scaling a high of 13,171.19 and a low of 12,829.38 intraday.

Asian stocks moved higher on Monday on reports that death tolls in some of the world's coronavirus hot spots showed signs of easing over the weekend.

U.S. President Donald Trump warned the country could be headed into its "toughest" weeks, but expressed hope the country was seeing a "levelling off" of the virus crisis. The markets in China and Thailand were closed for the Qingming Festival and Chakri day, respectively, while the Indian market was closed for Mahavir Jayanti.

European stocks are up sharply, after data showed a drop in the rate of new coronavirus infections and deaths in the European region over the weekend.

In commodities, West Texas Intermediate Crude oil futures for May are declining $$1.00, or 3.52%, at $27.34 a barrel.

Gold futures for June are up $27.40, or 1.66%, at $1,673.10 an ounce.

Silver futures for May are gaining $0.406, or 2.8%, at $14.904 an ounce, while Copper futures for May are rising $0.0190, or 0.87%, at $2.2115 per pound.

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