The US dollar had something of a halo effect on the Loonie. Federal Reserve leaders joined forces to dispel the idea that the central bank's failure to increase American interest rates earlier this month meant there would be no move this year. Their comments helped make the Greenback the week's top performer among the major currencies and the Canadian dollar took third place.

Bank of Canada governor Stephen Poloz also helped thing along with an optimistic speech about the Canadian economy. Referring to commodities, including oil, he said "We've adjusted to rising prices; we can adjust to falling ones… Canada has seen this movie before - we've managed it well in the past, and I'm confident we will continue to manage it well in the future.

The Loonie lost four fifths of a US cent on the week but was higher almost everywhere else. It strengthened by two and a quarter cents against sterling.