The Canadian Index

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Line chart comparing the Bank of Canada and Federal Reserve policy rate paths through 2026.

The Bank of Canada has held its policy rate at 2.25 percent through seven consecutive decisions this year, with its next scheduled announcement not due until October 28. The Federal Reserve moved the opposite way on September 16, raising its target range to 3.75 to 4.00 percent on a unanimous vote, its first hike since 2023. That widened the gap between the two policy rates to 150 basis points, the largest split of the year, arriving as Canadian inflation held at 3.0 percent.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Bar chart of percentage moves in crude oil, gold, silver, TSX sectors and the Canadian dollar on September 23, 2026.

Brent crude jumped on September 23, 2026, yet the Canadian dollar weakened for a third session as rising US rate expectations outweighed oil.

Brent Jumps While the Canadian Dollar and TSX Fall in the September 23 Session

September 23, 2026

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Line chart of S&P/TSX Composite daily closes from August 20 to September 23, 2026, ending with a sharp drop.

The S&P/TSX Composite fell on September 23, 2026, even as crude oil rallied, because losses in gold miners outweighed modest gains in energy stocks.

TSX Composite Falls Despite an Oil Rally as Gold Stocks Slide

September 23, 2026

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Line chart showing the TSX Composite retreating over 24 sessions as bond yields resumed climbing.

The TSX Composite gave back most of Thursday's post-Fed rebound by Friday, closing at 35,677.84 as bond yields resumed climbing.

TSX Gives Back Post-Fed Rally as Bond Yields Resume Climbing

September 18, 2026

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Bar chart showing gold and silver rising while the TSX and crude oil fell on September 18.

Six major markets split unevenly on September 18: silver rose 2.32 percent and gold 1.00 percent even as both Canadian and U.S.

Gold and Silver Rise With Yields, Breaking the Usual Pattern

September 18, 2026

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Line chart showing WTI crude oil climbing 21.8 percent over a month as the Hormuz conflict widened.

WTI crude gained in nine of ten trading sessions through mid-September as a tanker war in the Strait of Hormuz widened into direct strikes on Saudi Arabian supply infrastructure.

The Week the Same Barrel of Oil Split the BoC From the Fed and the TSX From Its Own Energy Sector

September 12, 2026

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Chart showing the Bank of Canada policy rate held at 2.25 percent against its 2 percent inflation target.

The Bank of Canada has held its policy rate at 2.25 per cent for a seventh consecutive decision, a quarter point above its 2 per cent…

The Bank of Canada Has Held for Seven Meetings. Tomorrow, the Fed Is Expected to Raise.

September 15, 2026

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