After a slightly shaky start last Friday the Loonie regained its feet after it emerged that OPEC and its associates were preparing to renew the production caps agreed at the end of last year. Oil prices rebounded from a six-month low and the Canadian dollar reacted positively. Later the same day the Canadian jobs data showed unemployment falling unexpectedly from 6.7% to 6.5%. All of that contributed to a decently successful week in which the Loonie took third place behind the Norwegian krone - which was also helped by higher oil prices - and the South African rand.

The Canadian dollar strengthened by a cent and a half against sterling and added half a US cent. Sterling was doing alright until Thursday, when the UK data indicated further decline in manufacturing and industrial production and the Monetary Policy Committee minutes showed only one member voting to increase Bank Rate.