The Canadian Dollar did marginally better than Britain's Pound but that was small consolation out at the back of the pack. Both were down by 0.7% against the US Dollar and by 2% against the Euro. Looking at calendar 2016 as a whole the Loonie had a rather better result. It strengthened by 2 US cents, 2.9%, and took an eye-watering 40 cents off Sterling. Needless to say, the Pound was the biggest loser among the major currencies.

Around the Christmas weekend and ahead of the New Year break there was only a single Canadian economic statistic and it was not a helpful one for the Loonie. Gross domestic product shrank by 0.3% in October. Investors had not been expecting much - the forecast was for zero growth - but the figure raised the possibility that growth for the fourth quarter as a whole could also be negative.