BREAKING: USD under heavy selling pressure

5:32 PM 17 March 2022

USD weakened significantly against other major currencies ahead of the London fix, despite lack of any new fundamental factors. Earlier unnamed western officials said that there is a significant difference in positions in the Ukraine-Russia peace talks. Later Russian sovereign bond coupon payment was received by JPMorgan processed and bank did onward credit to paying agent Citi, according to a source familiar with the situation. USDCAD pair fell sharply on Thursday, reaching the lowest level in two weeks, amid a rebound in commodity prices. Pair is currently testing local support at 1.2640 which coincides with 50.0% Fibonacci retracement of the upward wave launched at the end of October 2021. Should a break lower occur, the next target for sellers is located at 1.2600 level.

USDCAD, H1 interval.Source: xStation5

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