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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.

"We've been pretty clear in our dealings around the world and specifically in Saudi Arabia that we know that it's important that we bring Canadian values around the world".

The Saudi foreign ministry has also ordered Canada's ambassador, Dennis Horak, to leave the country.

This move comes after the Middle Eastern country froze all trade and investments with Canada on Sunday after the Canadian Foreign Ministry expressed concern over the arrests of activists in Saudi Arabia, including Samar Badawi, in a series of tweets.

"There is nothing to mediate", Foreign Minister Adel al-Jubeir told reporters.

Several countries have expressed support for Saudi Arabia, including Egypt and Russian Federation, which both told Ottawa it was unacceptable to lecture the kingdom on human rights.

"We are always going to speak up for human rights, we are always going to speak up for women's rights and that is not going to change", Freeland said Monday.

"7, 2018, Saudi Grains Organization (SAGO) can no longer accept milling wheat or feed barley cargoes of Canadian origin to be supplied", the notice to grain traders said.

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

It was unclear how many Saudi patients would be affected by the decision and how many were covered by the kingdom's health care system.

"From about 10:30 this morning a big sell program came in internationally at one of the dealers, " said Dominique Barker, Portfolio Manager, CIBC Asset Management.

"Russia has refused and continues to refuse any attempt to politicize human rights issues", she said.

Barrick co-owns the Jabal Sayid copper mine in Saudi Arabia alongside the predominantly state-owned Saudi Arabian Mining Company (Ma'aden).

Since then, the Saudi kingdom has pursued a scorched-earth policy towards anything related to Canada.


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