TORONTO (Reuters – Monday’s Canadian dollar fell against the greenback as investors considered warnings from Russia that it could invade Ukraine and the reopening of a key trade route between Canada, the United States and Canada.

The world shares fell and the U.S. Dollar gained against a basket major currencies after the United States suggested that Russia could be used as a pretext to attack Ukraine.

The price of oil, Canada’s largest export, was not affected by the Ukraine’s hint at making concessions to Russia.

Prices fell 0.6% to $92.55 per barrel. The Canadian dollar traded 0.1% lower at 1.2752 against the greenback (78.42 U.S.cents). The Canadian dollar was trading at 1.2782, its weakest intraday value since February 4, when it touched the lowest level of 0.6%.

After Canadian police removed protestors trying to abolish COVID-19, North America’s most important trade link was reopened late on Sunday evening.

On Wednesday, Canada’s January inflation report could give clues as to the direction of Bank of Canada interest rates hikes. The money markets anticipate that the central bank will tighten its stance next month to combat inflation for the first time in October 2018.

The curve showed that Canadian government bonds yields were more than the U.S. Treasuries.

After touching Friday’s highest intraday level for nearly three years, the 10-year rose 3.3 basis points to 1.904%.