A game of two halves saw the Canadian dollar on the retreat last Friday and pushing ahead this week. Its problem was a disappointing set of Canadian retail sales and inflation data. Retail sales were slightly down while core inflation, as watched by the Bank of Canada, slowed from 2.1% to 1.8%. The BoC has not expressed an inclination to cut interest rates but the lower inflation print would ease its way, were it to feel the need. Resurrection for the Loonie came on Thursday when, out of the blue, OPEC agreed to a cap on production. The oil price bounced, taking the Canadian dollar with it.
The overall result was not a great one for the Loonie: it lost half a US cent on the week. It was just about unchanged against sterling, which had a bad week of its own as a result of the ongoing uncertainty about Brexit.