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CAD · OttawaThe next monetary policy meeting of the Bank of Canada (BoC) will take place on Wednesday 28 October 2026. Its target for the overnight rate stands at 2.25%, at this level since 30 October 2025.
The Bank of Canada targets 2% inflation within a 1 to 3% range. Highly exposed to the US economy and oil, it decides by consensus at eight announcements a year.
Updated on · sources: the central bank, the BIS and the national statistics office
Last move
↓ Cut
le 30 October 2025
Annual inflation
1.8%
Target: 2%, range of 1 to 3% (CPI) · 2026-09-01
Next decision
28 October
in 5 days
The Canadian dollar follows the rate gap with the Fed and the oil price: USD/CAD is read with both. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | Target for the overnight rate | Change |
|---|---|---|
| 4 November 2025 | 2.25 % | −25 bp |
| 25 September 2025 | 2.50 % | −25 bp |
| 13 March 2025 | 2.75 % | −25 bp |
| 3 February 2025 | 3.00 % | −25 bp |
| 16 December 2024 | 3.25 % | −50 bp |
| 28 October 2024 | 3.75 % | −50 bp |
| 9 September 2024 | 4.25 % | −25 bp |
| 31 July 2024 | 4.50 % | −25 bp |
| 12 June 2024 | 4.75 % | −25 bp |
| 13 July 2023 | 5.00 % | +25 bp |
| 14 June 2023 | 4.75 % | +25 bp |
| 27 January 2023 | 4.50 % | +25 bp |
| 16 December 2022 | 4.25 % | +50 bp |
| 28 October 2022 | 3.75 % | +50 bp |
| 8 September 2022 | 3.25 % | +75 bp |
| 20 July 2022 | 2.50 % | +100 bp |
| 10 June 2022 | 1.50 % | +50 bp |
| 22 April 2022 | 1.00 % | +50 bp |
| 4 March 2022 | 0.50 % | +25 bp |
Governing Council
6 voters · 8 meetings a year · Ottawa
The governor, the senior deputy governor and deputy governors, deciding by consensus rather than formal vote.
No vote published
As the decision is taken by consensus, there's no vote to publish. The summary of deliberations, published since 2023, is the only window on disagreements.
