A surfeit of supply took oil prices 10% lower over the course of the week, making life difficult for the Canadian dollar. The Loonie lost two cents - 1.1% - to sterling and it was down by a similar proportion against the US dollar. Some of the Canadian economic data helped: manufacturers reported a slight increase in activity and the trade deficit narrowed almost to nothing. Some didn't: economic growth in February was zero.

Economic growth in Britain and the States was disappointing too, with first quarter expansion of 0.3% and 0.2% respectively. But sterling continued to feel the benefit of an early general election and the strong government it is likely to deliver and the US dollar remains supported by the prospect of an interest rate increase next month and the possibility of at least one more rate hike later in the year.