Brent's break above $90 is doing double duty for CAD/JPY — strengthening Canada's terms of trade while pushing global bond yields higher and deepening Yen funding pressure — and this time Canada's own data are contributing too, unlike June's Yen-only rally.

The US 30-year Treasury yield has climbed above 5.31%, its highest in 19 years, alongside oil's push through $90 — but fading Fed hike expectations and softer inflation data suggest structural forces like fiscal deficits and Fed credibility uncertainty are carrying the move as much as oil is.

Dollar extended its selloff into the new week without any fresh negative catalyst, instead continuing to digest the cumulative case built by weaker employment, softer retail sales and cooling inflation. September hike odds have fallen from roughly 60% earlier this month to around 25–30%, and Dollar sits at the bottom of the FX leaderboard while Aussie leads.