Speaking on Tuesday Bank of Canada governor Stephen Poloz declined to offer an opinion as to how a Trump presidency in the United States could affect Canada. Nor would he provide any guidance about the likely course of Canadian interest rates when monetary policy is updated next week. However, the Loonie is affected by the economy of its much bigger neighbour, as demonstrated by the way it was held back last week even though the prospect of OPEC production cuts added 10% to oil prices. In the end the Canadian dollar added one US cent, a small fraction of the gain achieved by Norway, another oil producer.

The Loonie lost a fifth of a cent to sterling, which was helped along by political issues in Euroland. Votes in Austria and Italy this weekend could both deliver results unhelpful to the euro and they provided a useful distraction from the lurking spectre of Brexit.