The Toronto stock market headed for a slightly higher open Monday amid mixed commodity prices and quiet trading action overnight with most of Asia closed for the Lunar New Year.

The Canadian dollar continued to lose ground in the wake of disappointing employment and housing starts data at the end of last week. The loonie shed 0.45 of a cent to 99.28 cents US.

U.S. futures were slightly higher as the Dow Jones industrial futures gained 29 points to 13,955, the Nasdaq futures were ahead 4.5 points to 2,776.5 while the S&P 500 futures were ahead three points to 1,515.5.

Prices for oil and metals were lower as the March crude contract on the New York Mercantile Exchange declined 14 cents to US$95.58 a barrel.

March copper was a penny lower at US$3.75 a pound while April bullion faded $7.80 to US$1,659.10 an ounce.