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The Canadian dollar was sturdier versus the US dollar Monday in calm trading in America, as investors dismissed lower crude prices and diverted their attention toward the Bank of Canada’s quarterly report on monetary report due Wednesday.
Trading in the US markets were thin on Martin Luther King Jr. holiday.
Falling by about half since June on rising output and slowing demand, oil prices dropped Monday on record crude production from Iraq and gloomier global economic outlook.
"We're seeing a bit of a divergence with the usual correlation between oil and the loonie," said Scott Smith, Senior Market Analyst at Cambridge Mercantile Group.
The loonie closed at C$1.1947 to the greenback or 83.70 US cents, firmer than Friday's C$1.1968 or 83.56 US cents.
BOC will announce its latest decision on interest rate along with the policy report.
