Oil price swings made life fairly interesting for the Loonie but by and large it followed the lead of the US dollar, against which it was unchanged on the week. With the Canada Day holiday on Monday and US Independence Day on Tuesday many market participants took extra days off too, dampening activity and liquidity.

Economic data from Britain and Canada were few and mostly unimpressive. The purchasing managers' index readings, which measure private sector activity, came in below forecast for both countries. The biggest statistical distinction between the two was in gross domestic product. The second revision to first quarter growth in the UK left it unchanged at a mediocre 0.2%, disappointing the pound's supporters. Canada, which reports the numbers monthly, achieved a similar expansion in April alone. It turned out not to be a particularly bad week for the pound but it still managed to lose two thirds of a Canadian cent.