The commodity-related currencies all ended the week on a high note, courtesy of the European Central Bank. At his press conference on Thursday Mario Draghi, the ECB president, dropped the heaviest possible hints that the bank would escalate or extend its money-printing programme of quantitative easing. The prospect of more free money electrified emerging-market and commodity currencies and the Loonie rose a swift one and a half cents.

Unfortunately it was not enough to undo the damage done earlier in the week by the unexpected general election result, in which the Liberals regained power after ten years in opposition, and the Bank of Canada's downgrade of growth forecasts for this year and next. The Loonie lost two and a quarter cents to sterling and one and a quarter US cents.