The Bank of Canada (BoC) is scheduled to announce its interest rate decision on Wednesday, with market expectations indicating that the central bank will keep the current interest rate at 5.0%.

The price of West Texas Intermediate (WTI) crude oil rose to near $79.50 per barrel, following the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to continue cutting production by up to 2.2 million barrels per day (bpd) in the second quarter of this year.

Canada's Manufacturing Purchasing Managers' Index (PMI) increased to 49.7 from 48.3 previously, but still remains below the 50.0 threshold, indicating contraction in this sector. The PMI for manufacturing in the United States decreased to 47.8 from 49.1. Additionally, consumer confidence in Michigan fell to 76.9, significantly below market expectations.

Investors are awaiting data on changes in non-farm payrolls and non-agricultural employment in February to assess the overall economic situation in the United States, including future monetary policy decisions by the Federal Reserve.