Last Friday's figure for Canadian gross domestic product in May was singularly unhelpful to the Loonie, showing a -0.2% contraction in the economy. It was the fifth straight month of negative or zero growth. If there turns out to have been shrinkage in June it will mean Canada is technically in recession. 

The United States is not, and a senior Federal Reserve official told the Wall Street Journal that only a "significant deterioration" would persuade him not to vote for higher interest rates next month. The US dollar consequently outpaced the Loonie, strengthening by three quarters of a cent on the week. Sterling would have done better had it not been for evidence that the Bank of England is less eager for higher rates than previously thought. The pound still made headway though, strengthening by two thirds of a Canadian dollar.