The Canadian Index

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September 2026

Line chart of Brent crude, the S&P/TSX Composite and gold futures rebased to 100 at the August 31 close.

Brent was the only one of the three to finish above its starting level, while the index and gold both fell.

Brent, TSX and Gold Rebased to the August 31 Close

September 30, 2026

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Line chart of Government of Canada 2-year, 5-year and 10-year benchmark yields, August 31 to September 29, 2026.

The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.

Government of Canada Benchmark Yields, September 2026

September 30, 2026

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Line chart of the S&P/TSX Composite daily close for September 2026, with a shaded slide and a dashed line at the August 25 record.

The index fell for the month even though Brent crude gained and the Strait of Hormuz stayed shut, because rising United States bond yields outweighed oil and gold.

S&P/TSX Composite Daily Close Through September 2026

September 30, 2026

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Chart of the US minus Canada 10-year yield spread alongside the USD/CAD exchange rate, daily from August 28 to September 28, 2026.

The Canadian dollar has weakened against the US dollar as US 10-year yields have risen further above Canadian ones.

US-Canada 10-Year Yield Spread and the USD/CAD Exchange Rate, August 28 to September 28, 2026

September 30, 2026

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Line chart of daily US Treasury par yields for 2-year and 10-year maturities from August 28 to September 30, 2026.

A softer-than-expected August core PCE reading cut Federal Reserve hike odds for October 28 and pulled the three-month yield down, while the 30-year yield rose.

US Treasury Par Yields: 2-Year and 10-Year, August 28 to September 30, 2026

September 30, 2026

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Line chart comparing the S&P/TSX Composite and S&P 500, both rebased to 100 on August 31, through September 29, 2026.

The TSX has lagged the S&P 500 over the month, and most of the gap is explained by gold and materials stocks and by rising US yields.

S&P/TSX Composite Versus S&P 500, Indexed to August 31, 2026

September 30, 2026

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Line chart of daily front-month Brent crude futures closing prices from August 31 to September 29, 2026.

Iran has offered a seven-day plan to reopen the Strait of Hormuz, but Washington wants nuclear terms in the first round, and President…

Brent Crude Front-Month Futures, August 31 to September 29, 2026

September 30, 2026

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Chart of Canada's monthly real GDP change from August 2025 to the advance estimate for August 2026.

Construction and utilities offset declines in manufacturing and retail in July, leaving output flat after a gain in June.

Canada Real GDP Monthly Change, August 2025 to August 2026

September 30, 2026

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Step chart of the CRA prescribed interest rate by quarter from the third quarter of 2022 to the fourth quarter of 2026.

The prescribed rate is unchanged for a sixth straight quarter, and a loan made before December 31 locks that rate in for life.

CRA Prescribed Interest Rate by Quarter, Q3 2022 to Q4 2026

September 30, 2026

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Line chart of the Cboe Volatility Index daily close from September 10 to September 29, 2026.

The VIX is near the one-year low flagged by Cboe even though the 10-year Treasury yield has reached its highest level since mid-2007.

Cboe Volatility Index (VIX), September 10 to September 29, 2026

September 30, 2026

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Line chart of daily closing 10-year government bond yields for Canada and the United States from August 28 to September 28, 2026.

Canadian yields have followed US yields higher even though the Bank of Canada has left its policy rate unchanged since the September 2 decision.

Canada and US 10-Year Government Bond Yields, August 28 to September 28, 2026

September 29, 2026

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Line chart of gold futures settlements from August 28 to September 28, 2026, with a shaded repurchase window to October 31.

A gold sale made on September 29 settles on October 1, and the 30-day repurchase restriction then runs through October 31.

Gold Futures and the 30-Day Repurchase Restriction After a September 29 Sale

September 29, 2026

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Line chart of the S&P/TSX Composite daily closing level from August 31 to September 28, 2026.

The index slid to its lowest close since July as a gold selloff pulled it lower and US Treasury yields climbed to levels last seen in 2007.

S&P/TSX Composite Index, August 31 to September 28, 2026

September 29, 2026

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Line chart of daily WTI crude oil front-month futures closes from August 31 to September 28, 2026.

Oil barely moved on the day Washington rejected Iran's Hormuz plan, because physical supply has been recovering and Middle East exports are at their highest since the conflict began.

WTI Crude Oil Front-Month Futures, August 31 to September 28, 2026

September 29, 2026

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Line chart of Canada's annual consumer price inflation rate by month from July 2025 to August 2026.

Headline inflation sits at the top of the Bank of Canada's inflation control range, while core measures remain well below that ceiling, so…

Canada Consumer Price Index Inflation, Year Over Year, July 2025 to August 2026

September 29, 2026

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Bar chart of the federal tax value of a $10,000 net capital loss across 2026 taxable income brackets.

A net capital loss offsets gains only at the capital gains inclusion rate, so its tax value rises with the bracket of the gain it shelters.

Federal Tax Value of a $10,000 Capital Loss by Income Bracket, 2026

September 29, 2026

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Line chart of daily gold futures settlements from August 28 to September 28, 2026, ending at the lowest level since early August.

Gold fell on a day when Middle East headlines worsened, which cuts against its reputation as insurance against war.

Gold Futures After the September 28 Selloff, August 28 to September 28, 2026

September 29, 2026

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Line chart of the US 10-year Treasury yield, August 27 to September 25, 2026, rising from about 4.7% to above 5.1%.

The climb was gradual for most of September, with the largest one-day jump coming late in the period.

US 10-Year Treasury Yield Rises Steadily Through September

September 28, 2026

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Line chart of WTI crude and gold futures rebased to 100 on August 28, 2026, with oil rising and gold falling.

Gold is normally bought when geopolitical risk rises, but it pays no interest and competes with government bond yields.

Gold Falls While Oil Rises as Hormuz Talks Stall

September 28, 2026

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Line chart of the S&P/TSX Composite Index, August 24 to September 25, 2026, ending near 35,800 after a monthly decline.

The index gave back part of its late-August gains as US and Canadian government bond yields climbed to multi-year highs, then stabilized.

TSX Slips Over the Month as Bond Yields Spike

September 28, 2026

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Line chart of Brent crude oil prices, August 28 to September 28, 2026, rising to about $100 after a peak near $108.

Crude rallied on attacks in the Strait of Hormuz and a sharp drop in tanker crossings, a supply shock separate from the tariff dispute between Canada and the United States.

Brent Crude Rallies on Hormuz Attacks

September 28, 2026

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Step chart of the Bank of Canada overnight rate target, March 2025 to September 2026, holding at 2.25% for seven decisions.

The Bank has paused because the core measures it prioritizes, which strip out volatile items such as gasoline and travel, sit close to its…

Bank of Canada Holds Its Rate for a Seventh Straight Decision

September 28, 2026

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Chart of the annual TFSA contribution limit from 2009 to 2027, reaching $7,500 in 2027.

The annual limit is indexed to inflation and rounded to the nearest $500 increment, so once the relevant consumer price data is published,…

TFSA Annual Limit Set to Reach $7,500 in 2027

September 28, 2026

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Line chart comparing University of Michigan consumer sentiment with the S&P/TSX Composite over 13 months to September 2026.

Consumer sentiment and the Canadian equity index have moved in opposite directions in most months of the past year.

Consumer Sentiment Falls While the TSX Rises

September 28, 2026

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