USD/CAD bleeds out as risk sentiment picks up over prospects of US/Russia summit By ross_burland USDCAD Oil RussianFederation UnitedStates Politics
and Ukraine risks. At the time of writing, USD/CAD is oscillating near 1.2737 after travelling between 1.2731 and 1.2760.
The risk-averse mood in markets persisted Friday, Ukraine and Federal Reserve tightening remaining the main concerns. For CAD, in particular, there has been a focus also on the price of oil and inflation. Weighing on the loonie, crude oil recorded its first weekly loss amid renewed concerns of Iranian oil hitting the market. This offset the risks of disruption to Russia’s oil supply if it invades Ukraine.
Over the weekend, the US ramped up warnings of a possible attack, however, Russia reiterated no invasion was underway and French President Emmanuel Macron was reported saying that there was the possibility of a summit between US president Joe Biden and Russia's president, Vladimir Putin. This was later confirmed by the White House, albeit warning at the same time that the US believes an invasion is imminent and that there can be no summit if Russia were to invade.
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