Bargain Hunting Likely Tuesday Morning -- Canadian Commentary

(RTTNews) - Canadian stocks are poised to rebound after brutal losses in the previous two session, as global fears about the UK's Brexit appear to have eased at least temporarily.

Crude oil and base metal prices rallied on hopes the U.S. and China can pick up any slack in demand from Europe.

The U.S. dollar also relented, helping commodities higher.

Banks may rise after being hammered in the aftermath of the Brexit vote.

The S&P/TSX Composite Index is down more than 400 points since the start of Friday's trading, with strong gold stocks helping to limit the damage.

In good news for the energy sector, WTI light sweet crude for August was up $1.20 at $47.50 a barrel this morning.

Meanwhile, Bombardier Inc. (BBD_B.TO) revealed an agreement with Air Canada (AC.A.TO) for purchase of Landmark C series for up to 75 aircraft.

Canexus Corporation (CUS.TO) said the Canadian Competition Bureau approved the proposed acquisition of Canexus by Superior Plus Corp. The US FTC is still challenging the merger.