During the shortened pre-Easter week investors were generally inclined to stay away from the commodity-related currencies. Some of this was the result of straightforward risk-aversion, especially after the appalling acts of terrorism in Belgium. Some was the result of changing expectations for US interest rates, as the Federal Reserve mobilised a string of senior people to talk up the possibility of an increase next month. The prospect of higher rates in America coincided with - perhaps even provoked - a downturn in oil prices, further dampening appetite for the Loonie.

The Canadian dollar's biggest gain was against sterling. Investors' concerns about Britain's future with the European Union, which have been weighing on the pound for a few weeks, were heightened by the resignation of a government minister last weekend and again on Tuesday following the Brussels attacks. Sterling fell by a net cent and a third and was by far the weakest performer among the major currencies.