When Canada and the United States both delivered strong employment figures last Friday the Loonie prospered and the Greenback suffered. The Canadian data came as a pleasant surprise while investors were disappointed by the US numbers because they had been expecting even more. Those jobs figures were the only useful data to come out of Canada during the week, leaving the Loonie to roll in the wake of the US dollar, which was the softest among the major currencies. It strengthened by one US cent.

Sterling started badly and finished well, eventually taking half a cent off the Canadian dollar. The poor start was down to weak UK manufacturing and industrial production, both of which declined in January, and to a further slowing of wage increases. The strong finish came after the minutes showed one member of the Monetary Policy Committee voting for to raise interest rates at Thursday's meeting.