USD/CAD bears move in and take on fresh session and daily lows

• Markets are anticipating Fed will raise interest rates by 50 basis points at both its May and June meetings.
• USD/CAD prints fresh session lows nevertheless. 

USD/CAD is sliding into fresh session lows at 1.2567 as the US dollar stalls and losing some 0.2% on the day 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.

Earlier in the day, the greenback saw its biggest one-day percentage gain since March 10 on Monday as the Fed opened the door for raising rates by more than 25 basis points at upcoming policy meetings in order to contain inflation.

In the wake of Powell's comments, markets are anticipating that the central bank will raise interest rates by 50 basis points at both its May and June meetings. Nevertheless, investors were in a risk-on mood and US stocks rose and dented some of the safe-haven appeal of the greenback.

Meanwhile, West Texas Intermediate (WTI) crude oil prices are falling following a jump of 7% a day earlier as the European Union considers banning Russian oil imports amid that country's invasion of Ukraine. ''EU nations are arguing over banning the purchase of about four-million barrels per day of Russian oil that are the largest part of the continent's imports, though reports say there is little consensus on whether the group will go ahead with a ban, which would force it to compete for alternative supplies,'' Reuters explained.