A topsy-turvy week for the Loonie saw it strengthen, weaken, strengthen and weaken once more against the US dollar, though its net loss to the Greenback was no more than a third of a cent. As with the other allegedly "risky" commodity-linked currencies the Canadian dollar felt the benefit of expectations that persistently low interest rates would improve demand for their exports. However, the Canadian dollar suffered a setback on Thursday when oil prices slumped by -6% after data showed US stockpiles close to all-time highs.
Nevertheless, the Loonie added four and a quarter cents against sterling, which continue to be dogged by investors' nervousness about Britain's withdrawal from the EU. Compared with its level on Referendum Eve the pound is down by 21 cents - 11.2% - against the Canadian dollar. With no functional leadership in Westminster for another two months it could have further to go.