Canadian Dollar Whipsawed as Spat With Saudi Arabia Intensifies

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In a statement, Ernest Mulvey, Director, International Education Centre, at Algonquin College says, "We have had a strong relationship with the Saudi Arabian Cultural Bureau and will work with them and their sponsored students to meet the students' current and future academic needs, whether that means students remain at Algonquin to complete their studies or transfer to another institution".

Saudi Arabia executed and crucified a Myanmar man in the holy city of Makkah on Wednesday in a rare form of punishment reserved for the most egregious crimes. The kingdom has since escalated its moves against Canada, suspending flights to Toronto and ordering the return of thousands of students who are studying at Canadian schools.

Canadian investments in Saudi Arabia were still ongoing and would not be affected by the dispute, he said.

"Saudi Arabia does not interfere in the affairs of Canada in any way".

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

Under his watch, Saudi Arabia has implemented an increasingly aggressive foreign policy.

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"We're going to stand with the values that we know are important for Canadians, and Saudi Arabia will take the decisions that they will take", Finance Minister Bill Morneau said Tuesday when asked whether the spat could imperil the General Dynamics agreement.

"We value all of our global students and are disappointed to learn that students from Saudi Arabia may not be able to achieve their educational aspirations at UVic", Jim Dunsdon, associate vice president student affairs says in a statement. It stopped medical treatment of Saudis in Canada and made arrangements to bring home Saudi patients.

The fallout is from a call last week from Canadian to Saudi officials demanding the release of imprisoned women's rights activists Samar Badawi and Nassima al-Sadah.

Canada's share of Saudi Arabia's FX reserves would likely not be enough by itself to hurt the loonie, said Mark McCormick, North American Head of FX Strategy at TD Securities.

"The matter is not about human rights; it is a matter of national security", the minister said.

The Saudi government's unusually severe response is the latest evidence that while touting himself as a champion for economic and social progress - including by letting women drive for the first time - Crown Prince Mohammed bin Salman won't accept any outside criticism or perceived challenges to his authority.