USD/CAD on the offers below 1.3450 as New Year kicks-in

The USD/CAD pair moved-off highs and now extends its consolidative mode into early Europe, as the major lacks momentum amid extended New Year holiday-break.

Currently, the USD/CAD pair trades -0.13% lower at 1.3424, although found fresh bids at 1.3415, session troughs. The Loonie remains firmer on the first Monday of 2017, as investors continue to cheer reports that oil finished 2016 in excess of a 45% gain and posted its biggest annual gain since 2009.         

Attention now turns towards a spate of key US macro releases due later in the week, as full markets return and await the US payrolls data due this Friday, which will be the key determinant of the USD/CAD price-action in the near-term.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3451 (daily highs) and 1.3471 (5-DMA) and from there to 1.3498 (10-DMA). To the downside, immediate support might be located at 13438 (daily pivot) and below that at 1.3400 (zero figure/ six-day low) and at 1.3354 (Dec 21s low).