Canadian dollar falls after Saudi Arabia reportedly sells off assets

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The equities selloff comes after Canada's Global Affairs Ministry expressed concern about the arrest and detention of a female blogger and activist in Saudi Arabia, prompting the kingdom to respond forcefully.

Saudi Arabia's state airline said it would suspend flights to and from Canada, starting next week.

Additionally, on Monday it was announced that "training, scholarships and fellowships" for Saudi students in Canada are now being shelved.

One well-placed source said the Liberal government of Prime Minister Justin Trudeau - which stresses the importance of human rights - planned to reach out to the UAE. All Saudi patients in the country will be transferred to hospitals outside of Canada.

Analysts and regional officials say that Riyadh's actions have little to do with Canada; instead, the kingdom's actions are a broader signal to western governments that any criticism of its domestic policies is unacceptable.

The Saudi Arabian regime triggered a sell off of Canadian assets on Tuesday morning, amid an escalating row between the two nations over human rights.

Canada asking allies to help cool Saudi dispute: Report
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The United States said Tuesday that both Canada and Saudi Arabia are "close partners" of the USA, and asked the Saudi government for more information of the detention of several activists.

Days after it broke off diplomatic relations with Canada, the Saudi government is now selling off the kingdom's Canadian holdings, according to a news report, and it's doing it in a way that's likely created to push down the market value of Canadian assets.

Saudi Arabia frequently uses capital punishment, which can be issued for crimes like homosexuality or anti-government activities, though crucifixions are rare. Canada imported 71,300 barrels of crude a day from Saudi Arabia as of 2014, accounting for about 11 percent of the country's imports, according to Natural Resources Canada.

The kingdom has suspended educational exchanges with Canada and moved Saudi scholars to other countries.

It remains unclear how many Saudi patients will be affected by the decision.

Saudi Arabia, under the new leadership of young Mohammed Bin Salman, has undertaken a number of reforms to fight radicalism, and improve human rights and economic prospects for the country.

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