Canada's main stock index is set for a muted open on Monday, as higher oil outweighed weaker gold prices, while investors await the Bank of Canada's (BoC) rate-setting decision this week.

The TSX bounced 352.38 points, or 1.8%, to end Friday at 20,024.63. The TSX suffered its sixth straight week of declines, its longest weekly losing streak in over a year. This week, even with Friday’s gains, the index faltered 326 points, or 1.6%.

June futures on the S&P/TSX index eked up 0.02% Monday morning.

BoC is expected to keep its key interest rate on hold at 4.50% for the rest of this year, according to a Reuters poll of economists, who said the risk of one more rate hike was high. The decision is expected on Wednesday.

The Canadian dollar dipped 0.09 cents to 74.37 cents U.S.

Among company news, Wesdome Gold Mines Ltd said Anthea Bath would take over as the miner's CEO from July 1.

ON BAYSTREET

The TSX Venture Exchange picked up 3.07 points to 609.08, a loss on the week of 3.7 points, or 0.6%.

ON WALLSTREET

U.S. equity futures were mixed on Monday after a broad-based rally that pushed the S&P 500 to its best week since March and its highest level since August.

Futures for the Dow Jones Industrials advanced 16 points, or 0.1%, to 33,834.

Futures for the S&P 500 eked up 1.25 points to 4,289.25.

Futures for the NASDAQ Composite dipped 23.25 points, or 0.2%, to 14,552.25.

Oil prices briefly climbed more than 1% after Saudi Arabia announced it would further cut output by one million barrels per day starting in July.

The news followed a meeting of OPEC and its allies, during which the group decided to stick to existing 2023 production targets.

In Japan, the Nikkei 225 vaulted 2.2% Monday to its highest peak since 1990, while in Hong Kong, the Hang Seng index hiked 0.8%.

Oil prices took on $1.73 to $73.47 U.S. a barrel.

Gold prices sank $14.60 to $1,955. U.S. an ounce.