Last Friday the Canadian dollar got off to a bad start because of weak US employment data. The monthly increase in American nonfarm payrolls was far smaller than expected, killing expectations of any early interest rate increase by the Federal Reserve. Although the news allowed the Loonie to strengthen against the US dollar, the sinking Greenback dragged it lower against other major currencies.

By Monday the mood had changed: oil prices were moving higher and investors were focusing again on the idea that low US rates for longer are a good thing for commodity-related currencies. The Loonie was able to catch and overtake the Australian dollar (though not the NZ dollar). Over the week it gained a net two US cents and it strengthened by four and a half cents against sterling. The pound remains hampered by uncertainty surrounding the EU referendum which takes place in a fortnight's time.