Session Recap: USD declines on correction trade

FXstreet.com (San Francisco) - The Greenback traded lower on Monday against its major competitors as the USD was consolidating levels priced on the Friday's rally. Against the Euro, the USD bounced in a technical level above the 1.2800 and currently it's pricing around 1.2870.

The GBP/USD traded higher too as the cable recovered the 1.4900 level to close at 1.4950. The USD/JPY declined shy after reaching 101.50, highest since May 30, and falling to close around the 101.00.

The AUD/USD bounced at the 0.9035 area to trade at 0.9130, but the pair, however, remains bearish in the big picture. In the USD/CAD's side, the pair retraced from 1.0600 to trade in range around 1.0560.

Main headlines in the American session:

Canada: Building Permits rose 4.5% MoM in May

Draghi: Portugal remains stressed; don’t unravel progress

Draghi expects EU recovery to start later in the year

Eurozone ministers approve Greek aid – Reuters sources

Wall Street rises for third day