The North End winger arrived at the Weston Homes Community Stadium on a one-month deal in mid-September and has enjoyed four League One starts and one substitute appearance.
Monakana found the net on his U's debut in a 2-2 draw at Bradford, but has failed to taste victory during his time in Essex to date, drawing on four occasions and losing once.
Injuries to a vast number of Joe Dunne's squad, including forwards Sanchez Watt, Gavin Massey and Drey Wright, have placed even more importance on Monakana and his extended stay will come as a welcome boost.
The 19-year-old former Arsenal trainee, who will now remain with Colchester until December 7, is ineligible to face parent club Preston when the two sides meet at Deepdale on November 23 and is ruled out of FA Cup action.
He can also be recalled by North End boss Simon Grayson at 24 hours' notice.