There were not many bright moments for the Loonie in the last seven days. Last Friday's Canadian employment data ought to have been a help: Instead of the expected 10k job losses only 6.4k disappeared and unemployment was steady at 6.8% rather than rising to 6.9% as expected. But investors were not impressed.

They were even less impressed on the Wednesday when the Bank of Canada lowered its benchmark interest rate from 075% to 0.5%. Although the move was not entirely unexpected its immediate effect was to send the Loonie a cent lower.  

The Canadian dollar was not the only commodity-related currency to receive a tonking: the NZ dollar took an even bigger hit. Even so, supporters of the Loonie cannot be overjoyed that the currency lost one and a half US cents and fell by seven and a quarter cents against sterling to a seven-year low.