After being the worst performing currency for two straight weeks, the rally back to risk-correlated assets late on Tuesday lifted the Canadian dollar for the remainder of the week.

For the second straight week, the Canadian dollar was one of the worst performing currencies.

The Canadian dollar had a particularly rough week amid the drastic shift to risk-aversion on Thursday and Friday.

The low-yielding currency may struggle to hold its ground over the following week as policy makers pledge to act against the marked appreciation in the exchange rate.

The Australian dollar broke free of its correlations the past week, which unfortunately was not a good thing for the antipodean currency.

The Canadian dollar lost ground as economic activity unexpectedly weakened in May, but the loonie may regain its footing in the week ahead as growth prospects improve.

The sterling fell against the greenback this week as global equity markets remained in consolidation after last week's massive swings fueled concerns regarding the health of the global economy.

The Japanese yen had a mediocre week, trading in the middle of the major currencies.

The past week was particularly rough for the Australian dollar, sliding across the board as the Reserve Bank of Australia downgraded its assessment of the global economy, leading to decreasing interest expectations, deflating the high yielding currency’s appeal to the broader market.

The Canadian dollar lost ground as economic activity unexpectedly weakened in May, but the loonie may regain its footing in the week ahead as growth prospects improve.