USD/CAD rises back closer to session tops, around mid-1.2400s

   •  USD manages to recover early lost ground.
   •  Weaker oil prices lending additional support.
   •  US ISM PMI eyed for fresh trading impetus.

The USD/CAD pair caught some fresh bids near the 1.2400 handle and is now headed back towards the top end of its daily trading range. 

The latest leg of up-move of over 40-pips since the early European session was primarily led by reviving US Dollar demand. After an initial wobble, the greenback managed to gain some positive traction and was being supported by Friday's strong jobs report. 

Moreover, an offered tone surrounding oil prices, with WTI crude oil holding weaker below the $65.00/barrel mark, was seen weighing on the commodity-linked currency and further collaborated to the pair's uptick back closer to mid-1.2400s. 

It, however, remains to be seen if bulls are able to regain their dominant position or the uptick once again meets with some fresh supply at higher levels. Traders now look forward to the release of US ISM non-manufacturing PMI, the highlight from today's US economic docket, for some fresh impetus.

Technical levels to watch

A strong follow-through buying interest has the potential to continue lifting the pair further towards reclaiming the key 1.2500 psychological mark en-route 1.2535-40 supply zone. On the flip side, the 1.2400 handle might continue to act as an immediate support, which if broken is likely to accelerate the fall towards 1.2335 strong horizontal support.