Among the "commodity" dollars the Loonie was the weakest performer, strengthening by 0.9% against the US dollar while the Aussie went up by twice that much and the Kiwi moved 2.4% higher. Having initially been discomfited by Britain's EU referendum result the commodity currencies started to recover as suspicion changed to near-certainty that the US Federal Reserve would hold back from a rate increase until next year at the earliest.

The prospect of continued low rates contributed to a gradual recovery of risk-appetite, causing investors to abandon the shelter of the safe-haven yen and Swiss franc. The Loonie's relative underperformance was by dint of its close relationship with the Greenback. Over the week the Canadian dollar was in the back half of the field, gaining ground only against the yen, the franc, the US dollar and, of course sterling. It strengthened by two thirds of a US cent and went up by two cents against the pound.