File photo of Canadian dollar coins.MARK BLINCH/Reuters
The Canadian dollar closed lower as oil prices extended losses amid signs of growing supplies.
The loonie edged 0.19 of a U.S. cent lower to end at 79.52 cents.
The April crude contract in New York was lower for a fourth consecutive session after data last week showed American oil supplies at 80-year highs.
On Monday, crude dropped $1.36 to $49.45 a barrel. Prices have fallen about 40 per cent since the end of November amid a huge oversupply of crude on world markets.
Metals were mixed with March copper unchanged at $2.59 a pound while April gold faded $4.10 to $1,200.80 an ounce.
The U.S. Federal Reserve is also in focus this week with chair Janet Yellen set to deliver her semi-annual testimony on the economy and monetary policy to Congress on Tuesday and Wednesday.
Traders will look to her remarks for indications on when the Fed might start raising interest rates. Many analysts think the Fed could move as early as June.
Meanwhile, the Greek government is due to submit its proposal to debt inspectors later Monday to receive final approval for the latest instalment of bailout money. The Greek government and its creditors agreed Friday to extend the country's rescue loans by four months. In return, Greece would have to commit to a series of budget measures meant to keep a lid on debts and improve the economy.