The Loonie got off to a poor start. Disappointing sets of data for Canadian inflation and retail sales last Friday continued to hang over the currency after the weekend. There was also concern that Canada could become embroiled in the trade war that seems to be shaping up between America and Mexico. The Canadian dollar's situation improved, however, on Wednesday when the new US president gave his backing to the stalled Keystone pipeline project to carry oil from Alberta to the Gulf coast.

A ruling by the Supreme Court that parliament must approve the initiation of Britain's departure from the EU was positive for the pound. It received further help when the government promised a white paper on the subject. For a second week sterling showed the other major currencies the way, adding a third of a Canadian cent. The Loonie took just over a cent off the US dollar.