The Canadian dollar has weakened in 19 of the 20 sessions covered, with no single day larger than 0.39%, so the decline does not stand out in daily headlines. It also did not follow oil: a 3.8% Brent jump on October 8 left the exchange rate essentially unchanged. For Canadian investors, the slide widens the gap between unhedged United States equity returns and the TSX.
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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Oil has run well ahead of the TSX over the period, with Brent about 8% higher and WTI roughly flat, so the Canadian index has not followed crude.
TSX, WTI and Brent Indexed to the September 4 Close
October 8, 2026
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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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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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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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Converting the S&P 500 into Canadian dollars adds the effect of USD/CAD, which has risen since August 26.
TSX Versus S&P 500 in Canadian and US Dollars, Indexed to August 26, 2026
October 2, 2026
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Equities priced relief after a weak September payrolls report, but Treasury yields closed higher anyway, so the bond market did not treat the miss as a reason to expect lower rates.
US Treasury Par Yields: 2-Year and 10-Year, August 26 to October 2, 2026
October 2, 2026
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