The Canadian Index

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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. The gap between the 10-year and 2-year yields has widened again after narrowing following the September 16 rate hike. The yield pressing on Canadian stocks and the Canadian dollar is the longer-dated market rate, which the Federal Reserve does not directly set.

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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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 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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Line chart of Government of Canada 2-year, 5-year and 10-year benchmark yields through August 2026, with a shaded span at the August 21 peak.

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

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

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

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