USD/CAD Outlook: Robust U.S. Dollar Maintains Downward Pressure on the Canadian Dollar

A crucial Saudi oil pipeline that was struck in last week’s attack will remain largely offline for several weeks while repairs are carried out, according to two regional officials who spoke to the Associated Press. The East‑West pipeline, which traverses the kingdom, is central to Saudi Arabia’s plan to redirect its oil exports to the Red Sea, avoiding the Strait of Hormuz where Iranian‑backed attacks have disrupted shipping. With a capacity of up to 7 million barrels per day, the 1,200‑kilometer (745‑mile) pipeline can transport substantial volumes of crude. The shutdown, caused by drones linked to Iranian‑backed militias in Iraq, was initiated on Thursday. Officials estimate that restoration could take three to five weeks, including work at a major pumping facility, and the line may operate partially during the repair period.

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