USD/CAD is currently grinding near its highest levels in three weeks, thanks to the downbeat risk profile that’s got everyone on edge. But don’t worry, the US Dollar is bouncing back from its one-week low during the four-day downtrend, giving USD/CAD a much-needed boost.

Unfortunately, the good times for WTI crude oil seem to be fading due to challenges to sentiment and fears of recession, but that’s not stopping USD/CAD from putting a floor under the US Dollar.

The risk-off mood is the main culprit behind the downbeat sentiment. But let’s not forget about the geopolitical fears surrounding Russia and China, which are adding fuel to the fire. However, we’re still hopeful that the USD/CAD buyers will remain optimistic despite the Bank of Canada’s comparatively more dovish stance than the Federal Reserve (Fed).

Now, let’s get technical. Monday’s Doji candlestick is joining USD/CAD’s repeated failure to cross the 50-DMA hurdle, which is currently around 1.3575. But with today’s US Conference Board’s Consumer Confidence gauge for April, we’re hopeful that the intraday directions will be positive.

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