While analysts were this week busy speculating on the impact Mark Carney’s appointment as the new Bank of England governor might have on sterling, investors in the Canadian dollar can look back fondly on his time in charge of the Bank of Canada.

In a year when currency investors have suffered weak returns from many traditional strategies, the Canadian dollar has offered smart performance. Canada's robust balance sheet stands in stark contrast to the US's fiscal deterioration post-crisis. From a peak of C$1.29 in March 2009, the US dollar has lost more than a third of its value against its Canadian counterpart, hitting a low of C$0.94 in August of last year. Today, it is worth C$0.99.