The only two Canadian economic statistics from last week pointed in opposite directions for the Loonie. Manufacturing shipments in June went up by only 1.2%, little more than half the expected increase, while wholesale sales rose by 1.3%, beating forecasts. There was no particular reaction to either number. Instead, the Canadian dollar's performance was driven by the hopes and fears of investors about slowing growth in China, an exodus from emerging market currencies and continued downward pressure on commodity, energy and equity prices.

To an extent the Loonie was protected by its relationship with the US dollar but even the Greenback was feeling the pinch as investors wound down their expectations for an interest rate increase by the Federal Reserve next month. The Canadian dollar eventually lost a fifth of a US cent and fell by a cent and a half against sterling.