The Canadian dollar was trading 0.1% higher at 1.2272 to the greenback, or 81.49 US cents, having traded in a range of 1.2266 to 1.2317. On Friday, it touched its strongest intraday level since February 2018 at 1.2262.
The rally in oil has been supportive of the Canadian dollar. Since the start of the year, the loonie has gained 0.7%, trailing just sterling and the Norwegian crown among G10 currencies.