The Canadian dollar took third place for the week among the major currencies. In the lead was the Australian dollar, which benefitted from both the general risk-on attitude among investors and forecast-beating data for growth in the fourth quarter. Sterling's second place was simply a correction to the hammering it had taken in recent weeks.

The Loonie also received help from better-than-expected growth in Q4 2015. Gross domestic product expanded by 0.8% over the three months, smashing forecasts of zero quarterly growth. There were no other Canadian ecostats of any consequence.

As a result the Loonie enjoyed a gain of three quarters of a US cent but it could not keep pace with sterling, losing nearly a cent to the resurgent pound. In the coming week the Loonie's highlight will come on Wednesday when the Bank of Canada makes its monetary policy statement.