The Canadian dollar wobbled lower against its southerly neighbour, losing a third of a US cent overall. It did better against the British pound (as did almost everything else), adding two and a half cents for a 1.3% weekly advantage. The Canadian economic data did not add much to the game. Last Friday's manufacturing sector purchasing managers' index showed activity picking up slightly in March after slowing by an equally-small margin the previous month. February's larger-than-expected trade deficit, reported on Tuesday, coincided with equally disappointing trade figures from the States.

It is worth noting that the four top-performing currencies over the last month were the Swiss franc, the Japanese yen, the euro and the Swedish krona, all of which have negative central bank interest rates. It seems, for the moment, that safety trumps yield for the majority of investors.