CAD strengthened against most of its major rivals in the European session on Monday as crude oil prices surged after reports that Colonial Pipeline, the U.S. pipeline operator that transports nearly half of the East Coast’s supplies of diesel, gasoline and jet fuel, halted its operations on Friday night because of a cyberattack.

On Monday, the company said that most of its network continued to be shut and told shippers that it would “bring our full system back online only when we believe it is safe to do so, and in full compliance with the approval of all federal regulations”. According to New York Times, the shutdown could last days.  The U.S. government issued emergency legislation on Sunday, relaxing rules on the fuel being transported by road.

WTI crude futures for June delivery jumped by 0.88% to $65.47 per barrel, while Brent futures for July surged 1.00% to $68.96 per barrel.

The Canadian dollar is heavily dependent on the dynamics of the price of crude oil, one of Canada's key exports.