In what was far from an epic week for the FX market the Canadian dollar averaged C$1.29 against the US dollar and remained within a cent of that level the whole time. It ended up with a gain of just under a fifth of a US cent. The Loonie was equally steady against sterling, ranging a cent either side of C$1.8625 and landing a net gain of nearly one cent.

It was events and sentiment rather than economic statistics that drove the market. The progress of a huge fire around Fort McMurray in the Alberta shale oilfields was initially negative for the Loonie and then positive when the oil production facilities were saved. Investors' wavering attitude to safety versus risk had them dithering about all the commodity currencies. They did not take much notice of last Friday's Canadian jobs numbers, which showed unemployment steady at 7.1% with the loss of 2k jobs.