C$ edges higher, oil price rebound supports

The Canadian dollar edged higher against a broadly stronger US dollar on Monday, supported by a bounce in the price of oil, but remained close to the multi-month low touched on Friday.

The price of oil, one of Canada's major exports, rose by about 1 percent on Monday, set for its largest one-day increase in about a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.