The problem is if Saudi Arabia decides to trade their oil in Yuan tomorrow, this doesn't imply that the Yuan won't end up in USD. It is a more complex question, a more complex chain of financial implications. It is not just "oil not in USD anymore, USD dead". I am not arguing that you said this, it is just to add to the discussion because this is what I often hear from people anywhere from my personal circle to broader circles.
Hormus.
The only reason why countries have been bag-holding the fastest printed fiat called dollar has been the scam known as Petrodollar. If that ends, they won't have that incentive to bag-hold it any longer and when ultra-hyperinflation hits the dollar, they'll have even less incentive.
Another thing to consider is that one of the reasons why for example the Chinese have been purchasing the US debt all this time was because of political reasons (WW3 aka Cold War result wanting to grow silently) as well as the profit. There was an interesting article I read a while ago with a very interesting title that was something like this "
The Red Army was built with American taxpayers money". Think about it a little... The Chinese bought over a trillion dollar worth of US debt. Those bonds weren't just a piece of paper, the US regime was giving them interest for their "investment". That interest was coming out of taxpayers pockets right into China's pockets. And China was using it to build its infrastructure, increase its production, strengthen its economy, etc.
News flash: China used to hold more than $1.3 trillion and now they only bag-hold $0.6 trillion. That's right, they've dumped half of it since they no longer need that "interest" and the dedollarisation is continuing.
You said "USD still accounts for close to 60% of global currency reserves" (it's less than that in reality but) you forgot to say that once it accounted for more than 90% and it has been consistently dumping. A process that has been speeding up over the past couple of years and will speed up the more the world sees the rogue nature of the US regime...
Finally we have a prime minister that will show Trump just how insignificant and dependent we are. lol
If there is any truth to that, then you should prepare to be bombed.
You see, the US regime sees the world in 2 categories: clients or enemies.
You've been a client serving the Epstein Class forever. You've participated in all the American Terrorism around the globe for as long as my memory serves (latest one being participation in Coalition of Terror to carry out terrorist attacks against civilians in Yemen to help break the blockade Yemen was enforcing on Zionist terrorists for the genocide they are committing in Palestine).
If you stop being a client and stop serving the US regime, they'll categorize you under enemies category. Considering these days the regime is losing everywhere else, they'll need to focus on their own shrunken area of influence (that's the nonsense known as Monroe Doctrine) so it is going to be a much tougher thing to pull off.
In any case to me it looks like Canada is doing what most others have been doing: they saw how Iran defeated US Axis in West Asia and seeing that weakened state they are trying to "get some kicks in". I wouldn't expect major policy changes that would lead to your category changing in the eyes of the regime. You will continue to remain a client!
