Bay St Loonie

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Canada in US Dollar

The Canadian numbers, restated in hard currency.

Every series below is shown in Canadian dollars and in US dollars. Conversion divides the CAD value by USD/CAD on the same date. When the loonie drifts, the CAD numbers and the USD numbers tell different stories.

Where has Canada gone? 5, 10 and 50 years in USD

The one year view shows a flat loonie. The longer windows tell a different story. Pick a horizon and every number and chart in this section resets to it. Each card names its own source and dates. Where a source does not reach back 50 years, the card says how far it goes.

Sources: USD/CAD monthly average, Federal Reserve H.10 via FRED (EXCAUS). TSX Composite and S&P 500 month end closes, Yahoo Finance (^GSPTSE, ^GSPC), price indexes without dividends, converted at the Fed H.10 daily rate (FRED DEXCAUS). Gold, Yahoo Finance (GC=F). WTI oil monthly average, FRED (WTISPLC). GDP, GDP per person in current USD and real GDP per person in constant 2015 USD, World Bank (NY.GDP.MKTP.CD, NY.GDP.PCAP.CD, NY.GDP.PCAP.KD), annual. House prices, BIS via FRED (QCAN628BIS, QUSN628BIS). Wages, OECD hourly earnings in manufacturing via FRED (LCEAMN01CAM189S, LCEAMN01USM189S), latest 2023. Policy rates, OECD central bank rate via FRED (IRSTCB01CAM156N) to 2008 and Bank of Canada Valet V39079 from 2009, against the effective Fed funds rate (FRED FEDFUNDS), monthly.

The loonie: USD/CAD

Canadian dollars per US dollar. A higher number means a weaker loonie.

Source: Bank of Canada daily exchange rate (Valet FXUSDCAD); long history from the Federal Reserve H.10 monthly average (FRED EXCAUS).

TSX Composite vs S&P 500, in US dollars

Both indexes set to 100 at the start of the window. The TSX line is converted to USD at each day’s Bank of Canada rate. Price indexes, dividends not included.

Source: Yahoo Finance (^GSPTSE, ^GSPC daily closes), Bank of Canada Valet FXUSDCAD.

Gold in CAD and USD

Front month COMEX gold futures, per troy ounce.

Source: Yahoo Finance (GC=F), Bank of Canada Valet FXUSDCAD.

WTI oil in CAD and USD

Front month NYMEX WTI futures, per barrel.

Source: Yahoo Finance (CL=F), Bank of Canada Valet FXUSDCAD.

Canadian house prices in US dollars

BIS nominal residential property price indexes, quarterly. Canada is converted to USD at the quarter average USD/CAD, then both are set to 100 in 2017 Q1.

Source: Bank for International Settlements via FRED (QCAN628BIS, QUSN628BIS), Bank of Canada Valet FXUSDCAD.

Canada’s economy in US dollars

Nominal GDP, seasonally adjusted, quarterly value times four for an annual rate. Converted at the quarter average USD/CAD, and shown as a share of US GDP.

Source: Statistics Canada via FRED (NGDPSAXDCCAQ), US Bureau of Economic Analysis via FRED (GDP), Bank of Canada Valet FXUSDCAD.

Policy rates: Bank of Canada vs the Fed

Bank of Canada target for the overnight rate against the upper bound of the Fed funds target range.

Source: Bank of Canada Valet V39079, Federal Reserve via FRED (DFEDTARU).

TSX 60 in CAD and USD

Each constituent priced in both currencies. USD price is the CAD price divided by USD/CAD on the same date. Returns are price only, dividends not included. Pick a horizon for total price return in CAD, in USD, and the gap in percentage points. Horizon returns convert each end at USD/CAD of that date: Bank of Canada from 2017, Federal Reserve H.10 before. Names listed for less than the full horizon show n/a. Market cap, earnings and net income are converted at the latest USD/CAD. P/E uses trailing 12 month EPS. EV/EBITDA is left out for financials, and P/B and EV/EBITDA are left blank when the company reports in US dollars. Net income is converted from the reporting currency. Tap a column to sort. A listing here is data, not a recommendation.

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Source: Yahoo Finance (prices, market cap, trailing EPS, net income, P/B, EV/EBITDA), Bank of Canada Valet FXUSDCAD.

TSX 60 earnings in CAD and USD

Annual net income attributable to shareholders, in the currency each company reports in and converted to the other at the average USD/CAD over the 12 months to each fiscal year end. About a third of the TSX 60 report in US dollars; for those names USD is the native figure and CAD is the converted one. Growth compares the latest fiscal year with the one 5 or 10 years earlier, and is shown only when both years were profitable. Depth varies: SEC filers have 9 to 20 years, the rest have the 4 years Yahoo Finance publishes, so most 10 year cells are n/a.

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Sources: SEC EDGAR XBRL company facts (annual 10-K, 20-F and 40-F filings), Yahoo Finance annual income statements, Bank of Canada Valet FXUSDCAD from 2017 and Federal Reserve H.10 (FRED DEXCAUS) before. A TSX Composite index level earnings series was left out because no reliable free source was found.

What the market expects: TSX 60

Analyst estimates, not facts. For each constituent: consensus EPS for the current and next fiscal year, forward P/E (price over next fiscal year EPS estimate), trailing P/E (price over the last 12 months of reported EPS), expected EPS growth, and the mean analyst target price against the latest price. Fiscal years differ by company. Where a company’s estimates are in US dollars, that is the native figure and CAD is converted; for the rest CAD is native and USD is converted, all at one Bank of Canada USD/CAD rate. Ratios and growth are the same in either currency. The analyst consensus column is Yahoo Finance’s own average rating on a 1 to 5 scale, shown as published. Nothing here is a recommendation from us to buy or sell anything.

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How the index and sector figures are computed (by Bay St Loonie, from analyst estimates): P/E aggregates are cap weighted harmonic means, total market cap divided by the sum of each name’s market cap over its P/E, which equals total market cap over total implied earnings. Names with negative or missing EPS are left out of P/E aggregates. Expected EPS growth for a group is total implied next fiscal year earnings over total implied current fiscal year earnings, minus one, using each name’s market cap times EPS over price. Sectors are Yahoo Finance sector labels; the count of names is in brackets. Analyst long term (5 year) growth is not shown because Yahoo Finance returned none for these names. Source: Yahoo Finance (earnings estimates, analyst price targets and ratings, trailing EPS, market cap), Bank of Canada Valet FXUSDCAD, iShares fund pages for the cross check.

What the banks forecast

The latest published forecasts from the economics teams at seven Canadian banks for real GDP growth (annual average) and USD/CAD (Canadian dollars per US dollar, end of period). A higher USD/CAD means a weaker loonie. Each figure is read from the bank’s own report; n/a means it was not published or could not be opened.

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Sources: RBC Economics, TD Economics, BMO Economics, Scotiabank Economics, CIBC Capital Markets, National Bank Financial, Desjardins Economic Studies, Bank of Canada. Spot: Bank of Canada Valet FXUSDCAD, 23 Oct 2026. Forecasts as collected 25 Oct 2026; banks revise often. No published consensus survey was freely readable, so the median here is of these seven banks only. Data: bank_forecasts.json.

Mortgage rates: the survey

The lowest advertised 5 year fixed and 5 year variable rates we could read from lenders, brokers and rate sites, with each variable rate shown as a discount to prime (P minus) or a premium (P plus). These are advertised lowest rates as of the date shown, not offers; the rate you are quoted depends on your file. Insured means a down payment under 20% with default insurance; conventional means an insurable mortgage with 20% or more down. Rates are the Ontario view where a site varies by province. Each lender is counted once in the summary: its own site where we could read it, otherwise the wowa.ca lender table.

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Fixed against variable, lender by lender

Where rates are headed: market pricing and bank forecasts

Meeting by meeting, the policy rate implied by swap markets and the prime rate that would follow. Below it, each big bank’s own forecast for the policy rate. Layout idea from the wowa.ca rate forecast; figures here are our own reads of the sources. See also what prediction markets are pricing.

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Bank policy rate forecasts are end of period, read from each bank’s published tables. Where a bank’s table could not be read, the cell is n/a and the note gives the figure wowa.ca lists. Scripts: build/mortgage_survey.py.

What the markets are pricing

Odds for the Bank of Canada decision on October 28, from two prediction markets and from overnight index swap pricing. These are prices, not forecasts.

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    Methods

    USD value equals the CAD value divided by the Bank of Canada USD/CAD rate. Daily series use the rate of the same date. Monthly and quarterly series use the average of daily rates over the period. Returns in USD compare USD values at both ends. Nothing is estimated or filled in. A missing value means the source did not publish it. Data is refreshed at build time and each chart carries its own as of date.

    Nothing on this page is investment advice or a recommendation to buy or sell anything.