Although it covered a three-cent range over the course of the week the Canadian dollar in the end lost less than a third of a cent to sterling. It was up by half a cent against the US dollar. In the case of both the Loonie and the pound, central banks played a part in their good fortune. The Bank of England's Mark Carney told parliament's Treasury Committee what he had told a press conference two weeks earlier: "a vote to leave the EU could have material economic effects - on the exchange rate, on demand and on the economy's supply potential". Investors saw his comments as supportive of the Remainers' argument and, thus, the pound.
To nobody's surprise the Bank of Canada kept its benchmark interest rate steady at 0.5% on Wednesday. However, the bank's accompanying statement was more upbeat about the economy than investors had anticipated so the Loonie moved higher.