Had it not been for the governor of the Bank of England's comments on Thursday the Loonie would have lost a cent on the week to sterling. As it was, Mark Carney said there was no certainty of higher UK interest rates next year, let alone this. His observation turned the pound's victory into defeat, leaving it with a net loss of one and a quarter cents.
The Bank of England governor's intervention aside, it was a story of mixed fortunes for the Canadian dollar, as indeed it was for the other commodity-focused currencies. They were helped by the likelihood of further monetary easing by the European Central Bank and hindered by the possibility that the US Federal Reserve will take interest rates higher next month. The few Canadian ecostats had minimal impact on the Loonie: a narrower trade deficit was offset by softer purchasing managers' index readings.