The Government of Canada 10-year bond yield closed near 3.94 percent in mid-September, largely unchanged from before oil began its decline, even though cheaper crude would normally pull yields down. The reason is the Federal Reserve, not the Bank of Canada: the Fed raised its target range to 3.75 to 4 percent this month and signalled a further hike, while the Bank of Canada held at 2.25 percent, citing tariff-related uncertainty. That widening rate gap is doing more to hold Canadian yields up than falling oil is pulling them down.
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.
Related charts
Crude oil has fallen for four straight sessions, with the U.S.
Oil Falls for a Fourth Session as Hormuz Shipping Data Is Disputed
September 21, 2026
View chart & download
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
View chart & download
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
View chart & download
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
View chart & download
Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.
Government of Canada Benchmark Yields, August 2026
August 31, 2026
View chart & download
Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.
Gold, TSX and Brent Rebased to the July 31 Close
August 31, 2026
View chart & download