Futures tied to Canada's main stock index fell on Monday as concerns of a global trade war persisted, while investors also eyed the Bank of Canada's interest rate decision later in the week.

The futures on the S&P/TSX index were down 1% at 6:41 a.m. ET (1042 GMT).

The benchmark index had registered its biggest weekly decline since December on Friday as trade tensions lingered despite U.S. President Donald Trump suspending tariffs on most goods from Canada and Mexico for 30 days.

Meanwhile, former central banker Mark Carney won the race to become leader of Canada's ruling Liberal Party and will succeed Justin Trudeau as prime minister, official results showed on Sunday.

Carney, a political novice, argued that he was best placed to revive the party and to oversee trade negotiations with Trump, who had threatened additional tariffs on Friday.

Investor focus is also on the Bank of Canada meeting this week, where the central bank is likely to cut interest rates by 25 basis points.

BofA Global Research expects the central bank to provide additional support to the Canadian economy by cutting rates further.

The policymakers' comments will also take center stage amid heightened uncertainty posed by the U.S. trade policy.

In commodities, oil prices inched up, though investors remained worried over the impact of U.S. tariffs on global economic growth and fuel demand, as well as rising output from OPEC+ producers.

Gold prices were mostly steady, while copper prices edged lower on Monday.

In corporate news, Japan's Seven & i Holdings (3382.T),  said that talks have begun with Canada's Alimentation Couche-Tard (ACT) over a store sale plan that would set the stage for ACT's $47 billion takeover bid.