In The Legend of Zelda: Breath of the Wild’s Champions Ballad DLC, there are a wealth of brand new items for you to find. One of the many EX treasure side quests you’ll receive with the DLC is EX Treasure: Merchant’s Hood side quest.
When you first receive the quest, you’ll get the following clue:
“The royal family of Hyrule collected historically significant outfits, but they were stolen by a bandit named Misko. One of the items stolen was the traveling merchant’s hood.
Somewhere in the Deya Village Ruins is a journal that places the location of this treasure...”
When the quest is active, you’ll get this marker on your map. Fast travel to Dueling Peaks Tower and head west directly to the village ruins.
Upon finding the journal tucked away in the ruins of the building directly under the map marker, you get yet another clue.
“The traveling merchant’s hood is in the right hand of the dragon that consumes the Spring of Courage at Dracozu Lake”.
To find Lake Dracozu, head over to Shae Katha shrine where the Spring of Courage is, directly south of Dueling Peaks Tower. If you recall, the entrance to Spring of Courage is a giant dragon’s mouth with statues of two hands beside it. Upon exiting the shrine, head out to the right between the statue’s head and the right hand statue.
Keep going forward and head right as you approach the first palm tree. Walk up the small, lightly colored dirt that leads beneath the hand of the dragon. If you activate Magnesis, you’ll see a chest right under the hand of the dragon. Yank it out, and there’s your hood.
Ravio’s Hood is a reference to the character of the same name from A Link Between Worlds. Wearing the hood increases your sideways climbing speed.