USD/CAD returns beyond 1.3800 amid generalised US Dollar strength

• A firmer US Dollar bounces up against the CAD on Monday and returns above 1.3800.
• The Greenback appreciates across the board on Monday, favoured by a cautious market mood.
• Later on, a slew of Fed speakers will give further clues about the bank's near-term monetary policy.

The US Dollar has bounced up strongly against its Canadian counterpart on Monday, to regain most of the ground lost on Friday and return to levels past 1.3800, from the 1.3770 area at the day's opening. The pair is drawing some support from a cautious market sentiment in early European trade, with investors bidding their time, awaiting a batch of Fed speeches to provide further clues about the bank's monetary policy plans.

Five policymakers from the Federal Reserve will speak later today,  but the primary focus will be on the new appointment, Stephen Miran, who will talk about Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York.

Miran is expected to defend his position as an independent board member, despite being appointed by Fed President Donald Trump amid an unprecedented campaign to bend the central bank's arm into accelerating its monetary easing cycle.

He will also delve into the reasons for supporting a 50 basis points rate cut last week, against the committee's decision of a quarter-point rate cut. His speech is likely to draw some contrast with Fed Powell's conference, scheduled for Tuesday.

In Canada, the CAD pared some losses on Friday, following Canadian Retail Sales figures. Consumption contracted in July, in line with expectations, but preliminary data anticipated a 1% increase in August, which makes up for July's decline and eased hopes of back-to-back BoC rate cuts.