The Canadian dollar achieved a far better result than its southerly neighbour. Although it weakened during the early part of the week against the US dollar the Loonie overtook it dramatically on Wednesday after the Federal Reserve updated its guidance on the outlook for US Interest rates. Instead of pencilling in four rate increases this year the Fed is now only thinking of two, and investors doubt that even that ambition will be achieved.
The Loonie's progress against sterling was almost a mirror image of that: it strengthened during the early part of the week and suffered a setback on Thursday after the minutes of the Bank of England policy meeting failed to mention any discussion of negative interest rates. A sharp recovery by the pound reduced its weekly loss to one and a half Canadian cents while the Loonie strengthened by more than one and a half US cents.