The USD/CAD pair struggled to register any meaningful recovery and remained well within the striking distance of three-month lows.

The pair showed some resilience below the 1.3400 round-figure marks and staged a modest intraday bounce of around 45 pips on the first day of a new trading week. However, a combination of factors kept a lid on the USD/CAD pair's attempted recovery move.

The US dollar failed to capitalize on the previous session’s goodish rebound and capped the upside for the USD/CAD pair. As investors looked past Friday's upbeat US monthly jobs report, the prevalent upbeat market mood continued undermining the safe-haven USD.