Sept 8 (Reuters) - Futures tied to Canada's main stock

index inched up on Monday, after a surprise job loss in August

boosted expectations for a Bank of Canada rate cut later this

month.

Futures on the S&P/TSX index gained 0.23% to

1,724.30 points by 06:24 a.m. ET (1024 GMT). The benchmark index

ended higher for the eighth straight session on Friday, notching

another record rally.

Data showed on Friday that Canada's economy shed 65,500 jobs

in August, largely in part-time work, and the unemployment rate

climbed to 7.1%. That's the highest level of unemployment since

May 2016, excluding the pandemic.

Money market now sees a 89% chance that the BoC will resume

its easing campaign on September 17 after leaving its benchmark

rate on hold at 2.75% since March.

Investors are also are expecting a rate cut that same day by

the U.S. Federal Reserve after Friday's nonfarm payrolls report

confirmed the U.S. labor market was deteriorating.

In commodities, gold prices rose to a record high on Monday

while oil and copper prices also edged up.

In corporate news, Canadian oil and gas producer Strathcona

Resources ( STHRF ) raised its offer for MEG Energy ( MEGEF ),

seeking to outbid Cenovus Energy ( CVE ).

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