A clutch of Canadian data last Friday showed a widening of the country's trade deficit and a rise in employment. They were the only serious ecostats, which was just as well: any this week would have got lost in the speculation preceding and following the US election. The choice of Donald Trump as America's next president was a serious shock to financial markets and led to a high level of volatility. 

Initially investors saw it as negative for international trade, therefore bad for the US economy. Then they decided it was positive for US corporations, so positive for the economy. The Loonie was caught in the middle, eventually losing a quarter of a US cent on the week.

Sterling was the major-currency winner, having experienced its own black-swan event back on 23 June. The election of an unconventional and controversial US president has even greater implications for the global economy and Brexit doesn't look so scary after all. The pound added two Canadian cents.