The Canadian economic statistics released during the week were neither numerous nor good. Manufacturing shipments fell by -3.3% in February and wholesale sales were down by -2.2% for the same month. When Stephen Poloz, the governor of the Bank of Canada, gave evidence to a Senate committee on Wednesday he conceded that it could take the country three years to adjust fully to low oil prices.

Meanwhile, the Canadian dollar was doing its own adjustments: it fell on Monday morning after OPEC failed to reach agreement on production curbs and strengthened on Wednesday when oil went up by more than 5%.

The overall result was that the Loonie went up by two thirds of a US cent and lost a cent to the British pound. For the first time in months sterling was the week's top-performing major currency, probably as the result of investors taking profits on their short positions.