The Canadian dollar was one of the strongest performers among the commodity- and energy-related currencies. It was not a smooth ride though. Last Friday the Loonie looked good, especially when the gross domestic product data showed Canada's economy expanding by 0.3% in November. The announcement coincided with other figures which showed the US economy expanding by less than that in the whole of the fourth quarter.

After the weekend, with no new ecostats to help it and the oil price once again on the slide, the Canadian dollar lost ground to the US dollar and the pound. It turned higher on Wednesday when oil rebounded and the United States delivered some disappointing purchasing managers' index readings. 

Over the week the Loonie picked up one and a half US cent. It strengthened by a cent and three quarters against sterling, which was held back by a growing belief that a UK interest rate increase could be more than a year away.