Higher prices for commodities and oil were helpful to the Loonie. It shared first place for the week with the Australian dollar, a third of a cent firmer against sterling and a dozen or so ticks up against the Greenback. The move was driven almost entirely by sentiment: investors were inclined to embrace risk, perhaps encouraged by improved consumer and business confidence on most fronts. The only important Canadian economic statistics were for inflation: the headline figure was a tick lower at 2% while the Bank of Canada's "core" measure was steady at 1.7%.

The US dollar recovered quickly from the defeat (though it was not actually put to a vote) of Donald Trump’s Healthcare Bill in the House of Representatives. The pound dodged a potential bullet when the prime minster officially kicked off the Article 50 process of leaving the EU: not only was there no selling, sterling led the field.