Canadian economic data were few and far between. Last Friday an unexpectedly sharp -1.5% monthly fall in manufacturing shipments rattled the Loonie at the time of its announcement but did no lasting damage. The same was true of the -0.1% decline in wholesale sales reported on Thursday. The result was that investors resorted to their default position, leaving the Loonie to track the US dollar.

On Thursday the minutes of September's US Federal Reserve monetary policy meeting were positive for most commodity-related currencies. Whilst they seemed to confirm expectations that US interest rates will begin to move higher next month, they also implied that subsequent increases will be small and slow to come. But the Loonie failed to benefit because of its close links to the Greenback. It was unchanged on the week against the US dollar and down by nearly a cent against sterling.