Investors could find no reason to get involved with the Loonie, not least because the only hard Canadian data they had to work with were last Friday weeks raw material and industrial product price indices.

For the record, raw material prices were flat and industrial products were up by 0.5% in June. Meanwhile Britain and the United States were announcing economic growth of 0.7% and 0.6%, respectively, in the second quarter of the year and the US Federal Reserve was refusing to commit to a likely date for the first interest rate increase.

The Canadian dollar covered a two-cent range against the US dollar, first down then up, and it covered a two-cent range against the pound three times in each direction. The end result was a net one-cent loss for the Loonie against sterling and a quarter-cent gain against the US dollar, but both were more by accident than design.