Short notes from a Toronto corporate foreign-exchange desk on the loonie, rates and the pairs that matter to Canadian importers and exporters.https://titanfx.caen-cahttps://titanfx.ca/desk-notes/the-loonie-holds-its-ground-as-oil-sits-above-80https://titanfx.ca/desk-notes/the-loonie-holds-its-ground-as-oil-sits-above-80USD/CAD spent the week either side of 1.37 while crude stayed bid. For importers, that is a window, not a trend.Fri, 04 Sep 2026 17:00:00 GMT<p class="sample-flag">Sample note. Connect the Notion database to replace it with the desk’s own writing.</p> <p>USD/CAD spent the week either side of 1.37 while crude stayed bid above $80. The dollar had every reason to push higher on the data and did not, which tells you where the market’s appetite is this month.</p> <p>For importers with US-dollar payables in the next quarter, this is a window rather than a trend. A window is something you use. We layered cover for two clients on Thursday and would do the same again at these levels.</p> <h3>What we are watching</h3> <ul><li>Friday’s employment report, which decides whether the Bank of Canada’s next move is priced for October or December.</li><li>Crude holding $80. If it does not, the loonie’s support goes with it.</li></ul> <blockquote><p>The rate you did not hedge is the one that costs you.</p></blockquote>https://titanfx.ca/desk-notes/septembers-cut-is-priced-in-your-hedge-ratio-shouldnt-behttps://titanfx.ca/desk-notes/septembers-cut-is-priced-in-your-hedge-ratio-shouldnt-beThe market has decided what the Bank will do this month. It has not decided what that means for the currency, and neither should your policy.Wed, 02 Sep 2026 17:00:00 GMT<p class="sample-flag">Sample note. Connect the Notion database to replace it with the desk’s own writing.</p> <p>The market has decided what the Bank of Canada will do this month, and the front end of the curve reflects it. What it has not decided is what that means for the currency, which is why USD/CAD has moved less than the headlines suggest it should.</p> <p>A hedging policy is not a forecast. If your ratios were set for a calm year and this is not one, the answer is a conversation with the board, not a trade.</p> <p>We are taking calls on this all week.</p>https://titanfx.ca/desk-notes/eur-cad-at-1-49-opens-a-window-on-european-payableshttps://titanfx.ca/desk-notes/eur-cad-at-1-49-opens-a-window-on-european-payablesThe euro has drifted to a level that makes the next two quarters of European payables cheaper to cover than they were in June.Mon, 31 Aug 2026 17:00:00 GMT<p class="sample-flag">Sample note. Connect the Notion database to replace it with the desk’s own writing.</p> <p>The euro has drifted to a level against the loonie that makes the next two quarters of European payables cheaper to cover than they were in June. Nothing dramatic has happened; the market has simply lost interest in the euro for now.</p> <p>That is the kind of move a layered program is built for. One more layer at these levels, and the average rate you carry into the new year is a number your board will like.</p> <hr> <p>Rates on this page are the Bank of Canada daily average for the date. Ask the desk for a dealable quote.</p>