Investing.com - The U.S. dollar edged up from recent four-month lows against its Canadian counterpart on Monday, as expectations for upcoming U.S. rate hikes lent broad support to the greenback.
USD/CAD was up 0.15% at 1.2428 by 09:30 a.m. ET (13:30 GMT), off Friday's four-month trough of 1.2353.
The greenback found support after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.
The comments came a day after Cleveland Fed President Loretta Mester said she expects about four interest rate hikes this year, thanks to solid U.S. economic growth and low unemployment.
The U.S. dollar had initially weakened after the U.S. Department of Labor reported on Friday that the economy added 148,000 jobs in December, disappointing expectations for an increase of 185,000. The unemployment rate remained unchanged at 4.1%, as expected.
Later Monday, the Bank of Canada was set to release its quarterly Business Outlook Survey.
The loonie was higher against the euro, with EUR/CAD down 0.33% at 1.4877.