The Canadian dollar did nothing to distinguish itself over the nine-day Easter week. It therefore delivered an undistinguished performance, adding one US cent and losing a third of a cent to sterling. There was a frisson of excitement on Thursday when Statistics Canada reported that the economy had expanded by 0.6% in the month of January, twice the expected figure. The Loonie popped half a cent higher but within a couple of hours it had fallen all the way back.

When the US Federal Reserve chairperson delivered a low-key speech on Tuesday, pouring cold water on expectations of any more than perhaps one interest rate increase this year, most of the "risky" commodity currencies reacted positively but the Loonie failed to maximise the benefit because of its close relationship with the Greenback. In the year to date the Canadian dollar has done well, strengthening by 9% against sterling by 6.5% against the US dollar.