At 9:24 a.m. ET (1324 GMT), the Canadian dollar was trading at C$1.2492 to the greenback, or 80.05 US cents, its strongest level of the day. It was up 0.2 percent.

The currency's weakest level of the day was C$1.2530. It had touched on Friday its weakest in five weeks at C$1.2600.

Prices of oil, one of Canada's major exports, rose for a third day as the Organization of the Petroleum Exporting Countries said the market was gradually tightening after years of oversupply, but that the 2018 outlook was less certain.