TORONTO - The Toronto stock market could be headed for another week of gains as investors put aside the aftermath of the Japanese disasters and Middle East unrest to instead focus on stronger economic fundamentals.

That means top-tier economic data will be in the spotlight.

Traders don't expect the federal election to have an effect on the market or the loonie. For one thing, polls show the Conservatives have a very good chance of forming the next government.

The next scheduled announcement on interest rates from the Bank of Canada is April 12 and the central bank wasn't expected to move on raising rates from one per cent. The election will likely be settled by the time of the next announcement May 31.

A number of key reports come down during the week, culminating in the U.S. non-farm payrolls report for March, which comes out on Friday.

Markets have been volatile as investors eye the extent of the damage to the Japanese economy and attempts to repair a heavily damaged nuclear facility, while oil prices have surged to two-year highs amid fears that fighting in Libya could spread to oil-rich countries in the Persian Gulf.

"What we're going to see is a move back from the really big events we have had driving the markets for the last few weeks, whether it was Japan or Libya and so on," said Colin Cieszynski, market analyst at CMC Markets Canada.

"There's a shift moving back towards the more traditional economic data, back to fundamentals."

Expectations for Friday's job report are again fairly modest with the consensus calling for the creation of 190,000 jobs, about the same number as February.

"Jobless insurance claim numbers are pointing in that direction, they suggest that we are seeing some demand pickup in the jobs sector," said Andrew Pyle, investment adviser at ScotiaMcLeod in Peterborough.

"I think what the market is really hoping for is the morning when they walk in and they get the real blowout number (of around 400,000 jobs). I don't know if we are getting to get it any time soon, it's like saying when does the US housing market go up 50 per cent? I think the nuance story going into next week is, are we yet starting to see the effects of higher energy on demand."

Canadian employment data for March won't be out until April 8.

Prior to Friday's U.S. jobs data, investors will take in the latest reading on American consumer confidence.

And shortly after the employment data comes out, the Institute for Supply Management will release its latest reading on the health of the U.S. manufacturing sector.

Economists expect the ISM report to show continued expansion, but at a slower rate than the previous two months, reflecting two months of softness in durable goods orders. CIBC World Markets expects the index to come in at 59.5, down from 61.4 in February.

The Canadian dollar could find lift as traders get the latest look at economic growth on Thursday when Statistics Canada releases gross domestic product figures for January. Economists expect the economy grew by 0.5 per cent, the same as the previous month. Such a move up would be the fourth straight month of accelerating activity.

"Taken together with December's strong handoff, first quarter GDP could easily come in (at an annualized rate) of around four per cent even if February and March show no growth," said the CIBC report.

The TSX ended last week 1.8 per cent higher, around the 14,000 level after going as low as 13,500 earlier in the month.

"I think the reason is whether it's true or not is that investors out there, the professional traders/ investors, really do believe that at the end of the day, the fundamentals really have improved," said Pyle.

"Corporate fundamentals have improved, the world economy is in better shape than it was two years ago, and that this is not going to just stop on a dime, that you're going to get some gas out of this for a while."