A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto in this January 23, 2015, file photo. The Canadian dollar pared earlier session losses against its U.S. counterpart on Tuesday, strengthening after data showed January growth was better than feared. REUTERS/Mark Blinch/FilesMARK BLINCH/Reuters
The Canadian dollar closed at 76.01 cents (U.S.), up 0.34 cents (U.S.) from Friday's close of 75.67 cents (U.S.).
The loonie was higher despite North American markets closing lower. The TSX index closed down a modest 17 points.
The Canadian dollar was supported on Monday by sharply higher oil prices. The October contract for West Texas Intermediate (WTI) crude gained a stellar 7.65 per cent for the day to settle at $49.20 (U.S.). That's the highest oil has been since July 21. For the month of August, based on the most active futures contract, oil prices are up 4.4 per cent. This the first month of gains since May.
This is a busy week for economic news in both the U.S. and Canada, including the August employment reports on Friday. The currency could see more volatile trading as the week progresses.
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