USD/CAD still prints new session lows.

USD/CAD has fallen to new session lows of 1.2567, with the US dollar losing 0.2% so far. The greenback is giving back territory despite Federal Reserve Chair Jerome Powell putting the possibility of half-percentage-point interest rate hikes on the table.

The greenback experienced its largest one-day percentage gain since Monday, March 10, when the Fed opened the doors to raising rates by more that 25 basis points at its next policy meeting in an effort to control inflation.

Markets are expecting that Powell's comments will lead to a 50 basis point increase in interest rates at the central bank's May and June meetings. Investors were still in a risk-on mood, and US stocks rose which eroded some of the safe-haven appeal associated with the greenback.

The West Texas Intermediate crude oil prices have fallen 7% after a jump of 7 percent a day earlier, as the European Union contemplates banning Russian oil imports in response to Ukraine's invasion. Reuters reported that the EU nations are arguing about banning the purchase of approximately four-million barrels of Russian oil per day, which make up the bulk of continent's imports. However, reports indicate that there is not much consensus on whether the ban will be implemented, which would force it into competition for other supplies.