• USD/CAD bears are sinking in their teeth as oil firms. 
• Russian sanctions are now on the table and oil exports are vulnerable. 

USD/CAD is failing to break higher with conviction despite the risk-off tones surrounding the Russia / Ukraine crisis. The US dollar is firmer but so too is the price of oil which is helping to support the Canadian dollar. The following illustrates the 4-hour chart and prospects of a break to the upside in USD/CADso long as 1.2750's hold on a closing basis:

USD/CAD H4 chart

As for oil, WTI rallies on heightened tensions in Ukraine as oil bull’s eye $94.00, ''Russia is the third-largest oil and gas producer in the world. An escalation of the conflict pressures oil prices as uncertainty arises about any oil shortages amid the ongoing worldwide re-opening.''

In the above daily chart, the bulls are aiming for blue skies.