The Canadian dollar declined against most rivals amid rampant risk aversion due to the military escalation in Ukraine.
The Russian army is now moving heavy military equipment to western Russia, in what looks like a new military spear towards Kiev.
The US intends to support Ukraine with US planes piloted by Ukrainian pilots from Polish airports
It's worth noting that Russia is one of the largest exporters of industrial metals such as nickel and palladium.
And officially, US President Joe Biden announced a complete ban on Russian oil and gas imports, with the EU and UK announcing similar steps, in what's considered a huge escalation in response to Russia's invasion of Ukraine.
Recent data showed Canada's trade balance surplus at 2.6 billion Canadian dollars last month, while analysts expected 1.2 billion.
CAD/USD declined 0.4% to 0.7770 as of 17:44 GMT.