TORONTO — The Canadian dollar headed back to about 79 cents U.S. in early trading.
Meanwhile, the futures market suggested a positive open for U.S. stock markets ahead of the latest meeting of the U.S. Federal Reserve.
The Fed is set to begin a two-day meeting this week that will be closely watched for any indications about the U.S. central bank's future moves on interest rates.
The loonie was up 0.18 of a cent at 79.01 cents US.
The gain came as the price of oil June contract for North American crude oil rose 46 cents to US$43.10 per barrel.
Elsewhere on the commodity markets, the gold contract fell US$5.80 to US$1,234.40, while June contract for natural gas lost 3.1 cents US$2.156.
The Canadian Press