The Bank of Canada (BoC) suggests that the era of historically low interest rates may not continue, cautioning households and businesses to anticipate higher borrowing costs than in the past year. Meanwhile, the recovery of oil prices could positively impact Canada's exports as it is a major exporter of oil to the United States.

Susan Collins, the Chair of the Federal Reserve in Boston (Fed), stated that the Fed aims to combat inflation without causing harm to the labor market. Simultaneously, Austan Goolsbee mentioned that the Fed's inflation target remains achievable as long as the pressure on housing prices decreases. Investors anticipate that the Fed might begin to ease its monetary policy in May 2024.

Investors are awaiting reports from the Federal Open Market Committee (FOMC) and Canada's Consumer Price Index (CPI) for October, scheduled for release on Tuesday. Additionally, the Michigan Consumer Sentiment Index for November will be due on Wednesday, providing further trading opportunities for USD/CAD.