It was an average week for the Loonie in that it was unchanged, on average, against the other dozen most actively-traded currencies. During most of the period the Canadian dollar moved ahead relative to the pound and the US dollar. Investors were wary of the Greenback because of slower US jobs growth in August and a survey that showed America's services sector contracting during the same month. They started out happy with the pound but took against it after the Bank of England governor warned parliament's Treasury Committee of the possibility of a further interest rate cut this year.
The Canadian dollar's bull run came to an end on Wednesday when the Bank of Canada published its monetary policy statement. Investors did not like its use of words such as "less certain", "downside" and "financial vulnerabilities". The Loonie strengthened by a cent and three quarters against sterling and added one US cent.