USD/CAD refreshes session tops, around 1.2830 level

   •  A modest USD rebound helps recover part of the post-NFP slump. 
   •  Softer oil prices further weigh on the commodity-linked Loonie.

The USD/CAD pair built on its steady climb from the 1.2800 handle and is currently placed at fresh session tops, around the 1.2825-30 region.

A modest US Dollar rebound, despite a subdued action around the US Treasury bond yields, helped the pair to regain some positive traction and recover part of Friday's post-NFP sharp retracement slide to over 1-week lows. 

Adding to this, a follow-through retracement in crude oil prices was further seen weighing on the commodity-linked currency - Loonie and collaborated to the pair's steady uptick through the mid-European session.

In absence of any major market-moving economic data, the USD/oil price dynamics would continue to act as key determinants of the pair's momentum on the first day of a new trading week.

It would now be interesting to see if the pair is able to build on the recovery move as investors now look forward to this week's important US macro releases, including the latest consumer inflation figures and monthly retail sales data, for some fresh directional impetus.

Technical levels to watch

Any subsequent up-move is likely to confront some fresh supply near the 1.2860-70 region, above which the pair seems all set to head towards reclaiming the 1.2900 handle. On the flip side, the 1.2800 handle might continue to protect the immediate downside, which if broken now seems to pave the way for an extension of the pair's corrective slide towards the 1.2700 round figure mark.