The Canadian dollar was unchanged, on average, against the other dozen most actively-traded currencies. There were no high-profile domestic ecostats to distinguish it from the crowd, though it did receive some help from data that showed Canada's economy continuing to recover in July. Overall it lost half a US cent on the week. By and large though, the Loonie offered nothing to distract investors from the main focus of their attention - the British pound.

Sterling had a dreadful week, one that was made worse by an inexplicably sharp downward spike on Thursday night. In all it lost nearly six Canadian cents. The pound's rout was precipitated by the prime minister's declaration that Britain's departure from the EU would begin by the end of March. Investors' were somehow wrong-footed by the news and the subsequent selling was relentless. Sterling is down by -13% from its level against the Loonie on Brexit Eve.