Saudi Arabia won’t accept criticism from Canada. Canada made criticism on arrests of women’s rights activists. Situation between these countries is not good and it can cause new retaliations that could hurt investment flows between the countries. Saudi Arabia’s central bank have already started pulling back from investments in Canadian assets. Also, Saudi Arabia dismissed the Canadian ambassador and suspended any new business deals. which can lead to further deterioration of the relationship.
USD/CAD stabilized between the 1.30345 resistance level and the 1.30005 support barrier. We can also see it moving downwards to the 1.30005 support line and even breaking it moving lower towards the 1.29726 support barrier. There is also possibility to see it break the 1.30345 resistance line and aim higher for the 1.30591 resistance barrier.