It was a fraught week for natural resources. Oil and iron ore prices were at, or close to, multi-year lows and everything connected to them was under pressure, including share prices and currencies. Not all of the commodity-related currencies were affected equally but the Loonie fell to its lowest level against the US dollar in more than ten years.
Its case was not helped by the Canadian economic statistics, half of which looked, at best, shabby. The trade deficit widened. Unemployment increased to 7.1% with the loss of 36k jobs. Building permits and housing starts were up though, as was the Ivey purchasing managers' index.
Overall, the Canadian dollar lost one and a half US cents and it was down by four and a half cents against sterling. The only major item on its agenda in the week ahead is a speech by the Bank of Canada governor on Tuesday.