The USDCAD pair turned over an early dip to the 1.3300 level and is set at session highs, close to 1-month high set last Thursday.
As traders looked past Friday’s US monthly jobs report, a goodish pickup in the US Treasury bond yields provided some support to the Greenback and ended up being one of the key drivers loaning some help to the major.
All in all, the prevalent weaker sentiment around Crude Oil prices kept undermining demand for the Canadian Dollar and helped limit any more profound losses then helped the pair to recover some traction on Monday.
The uptick, until this point, without any solid bullish conviction in the midst of growing expectations that the Fed will cut interest rates further at its upcoming in October. After Monday’s scheduled speech by the Fed Chair J. Powell, we will know more about the near-term US dollar outlook.