The Toronto stock market was little changed Monday as traders look to the U.S. Federal Reserve to come up with another jolt of stimulus to revive a flagging economy.

The S&P/TSX composite index inched up 0.27 of a point to 12,268.28 while the TSX Venture Exchange added 1.92 points to 1,278.64.

The Canadian dollar was slightly off the highs of the morning when it hit a fresh one-year high, but still up 0.02 of a cent to 102.25 cents US as copper prices added to Friday's sharp runup.

The dollar was also supported by the hawkish stance by the Bank of Canada. The central bank left its key rate unchanged at one per cent last week and maintained language indicating that rates will likely rise at some point in the future.

U.S. markets were in the red after U.S. August jobs data released Friday missed modest expectations, raising expectations the Fed will announce on Thursday another round of bond-buying, known as quantitative easing, to help lower interest rates and thus boost loan growth.

The Dow Jones industrial average declined 30.37 points to 13,276.27, the Nasdaq composite index was down 9.94 points to 3,126.48 and the S&P 500 index slipped 2.66 points to 1,435.26.

Traders were also cautious as data released Monday showed that China's economic slump is worsening.