For a second week the Loonie was the weakest performer among the Commonwealth commodity dollars, hit by a double-whammy of higher US interest rates and lower oil prices. Commodity and energy prices remained under pressure throughout the week. Oil touched a seven-year low and the broadly-based Bloomberg commodity index closed in on the lows of 1999.

Meanwhile in Washington the US Federal Reserve did what just about everybody expected it to do, raising its benchmark interest rate target from 0-0.25% to 0.25-0.5% and narrowing the gap with the Bank of Canada's 0.5%.

The result was to take the Loonie within shouting distance of its 2003-04 lows against the US dollar. It lost a net one and a half US cents on the week and fell by a cent and a half against sterling. The week's only significant Canadian ecostat was manufacturing shipments, which unhelpfully fell by -1.1% in September.