The Canadian dollar had another vaguely successful week, picking up a third of a US cent and adding nearly two cents against sterling. However, it was not so much an attack by the Loonie as a retreat by the Greenback and the pound. In the absence of any news or major economic data the US dollar was dogged by the sense of anticlimax that has surrounded it since the Fed's small interest rate increase and the pound was feeling the effect of fading expectations of any rate increase at all in 2016.

The year-end reprieve does little to make up for what has been a shocking year for the Loonie. It is down by -14% against sterling and by -16% against the US dollar. Its fortunes in the year ahead will have a great deal to do with the price of natural resources, especially oil: if they remain low the Loonie is likely to do the same.