Asia is buying fewer Canadian forestry and mineral exports, which has exacerbated a 20-year downward trend in world commodity prices that roughly corresponds to the loonie's own 20-year depreciation.

ECONOMIST: The Canadian dollar

The loonie (so named for the bird on the one-dollar coin) has soared from a record low of 62.1 American cents in January 2002 to over 74 cents this week, its highest level in six years.

ECONOMIST: Canada's economy

The loonie (as it is known) has dropped against the muscle-bound American dollar by nearly 9% in the past year, slipping by 2.5% in the past month alone.

ECONOMIST: The Canadian dollar

The economic data out of Canada did little to support the loonie as wholesale sales missed the forecast and remained in contraction territory with a reading of -0.1%.

FORBES: Pound Frowns As Bank Of England Squelches Rate-Hike Speculation

This reversed its previous under-performance in local elections in the capital, as London's memories of loonie Labour fade.

ECONOMIST: Local elections