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MONETARY POLICY RESEARCH · BoC / SNB

CAD/CHF Fundamental Analysis

Official policy-rate comparison for Bank of Canada and Swiss National Bank. Updated from the verified snapshot dated .

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BASE · CAD

BoC · Bank of Canada

2.25%

Target for overnight rate

Effective 2 Sept 2026

Official BoC rate source ↗
SIGNED BASE − QUOTE GAP
+225 bp
CAD has the higher selected benchmark

Absolute difference: 225 bp

This is not a forecast of the CAD/CHF exchange rate or actual broker swap yield.

QUOTE · CHF

SNB · Swiss National Bank

0.00%

SNB policy rate

Effective 24 Sept 2026

Official SNB rate source ↗

Rates are from the verified 15 Oct 2026 snapshot; updates are currently curated, not live. Review sources, update frequency and licensing →

ECONOMIC COMPARISON

Canada vs Switzerland

Compare inflation, jobs and growth behind CAD/CHF.

Published economic observations, not live prices. Each line keeps its original reporting frequency. Missing observations are not estimated.

Inflation

Headline CPI · year-on-year %

Canada · CAD 2.32%Mar 2025 · Monthly Older series — latest available observation Refresh failed · saved history
Switzerland · CHF 0.03%Apr 2025 · Monthly Older series — latest available observation Refresh failed · saved history
-0.8%1.6%4.1%6.5%8.9%Oct 21Jan 23Apr 24Jul 25Oct 26Canada: Nov 2021 · 4.72%Canada: Dec 2021 · 4.80%Canada: Jan 2022 · 5.14%Canada: Feb 2022 · 5.69%Canada: Mar 2022 · 6.66%Canada: Apr 2022 · 6.77%Canada: May 2022 · 7.73%Canada: Jun 2022 · 8.13%Canada: Jul 2022 · 7.59%Canada: Aug 2022 · 7.01%Canada: Sept 2022 · 6.86%Canada: Oct 2022 · 6.88%Canada: Nov 2022 · 6.80%Canada: Dec 2022 · 6.32%Canada: Jan 2023 · 5.92%Canada: Feb 2023 · 5.25%Canada: Mar 2023 · 4.30%Canada: Apr 2023 · 4.41%Canada: May 2023 · 3.36%Canada: Jun 2023 · 2.81%Canada: Jul 2023 · 3.27%Canada: Aug 2023 · 4.00%Canada: Sept 2023 · 3.80%Canada: Oct 2023 · 3.12%Canada: Nov 2023 · 3.12%Canada: Dec 2023 · 3.40%Canada: Jan 2024 · 2.86%Canada: Feb 2024 · 2.78%Canada: Mar 2024 · 2.90%Canada: Apr 2024 · 2.69%Canada: May 2024 · 2.87%Canada: Jun 2024 · 2.67%Canada: Jul 2024 · 2.53%Canada: Aug 2024 · 1.95%Canada: Sept 2024 · 1.64%Canada: Oct 2024 · 2.02%Canada: Nov 2024 · 1.89%Canada: Dec 2024 · 1.83%Canada: Jan 2025 · 1.90%Canada: Feb 2025 · 2.64%Canada: Mar 2025 · 2.32%Switzerland: Nov 2021 · 1.53%Switzerland: Dec 2021 · 1.53%Switzerland: Jan 2022 · 1.65%Switzerland: Feb 2022 · 2.15%Switzerland: Mar 2022 · 2.39%Switzerland: Apr 2022 · 2.55%Switzerland: May 2022 · 2.94%Switzerland: Jun 2022 · 3.38%Switzerland: Jul 2022 · 3.43%Switzerland: Aug 2022 · 3.45%Switzerland: Sept 2022 · 3.25%Switzerland: Oct 2022 · 3.00%Switzerland: Nov 2022 · 2.96%Switzerland: Dec 2022 · 2.84%Switzerland: Jan 2023 · 3.28%Switzerland: Feb 2023 · 3.37%Switzerland: Mar 2023 · 2.95%Switzerland: Apr 2023 · 2.57%Switzerland: May 2023 · 2.16%Switzerland: Jun 2023 · 1.71%Switzerland: Jul 2023 · 1.61%Switzerland: Aug 2023 · 1.55%Switzerland: Sept 2023 · 1.65%Switzerland: Oct 2023 · 1.69%Switzerland: Nov 2023 · 1.44%Switzerland: Dec 2023 · 1.71%Switzerland: Jan 2024 · 1.28%Switzerland: Feb 2024 · 1.17%Switzerland: Mar 2024 · 1.04%Switzerland: Apr 2024 · 1.37%Switzerland: May 2024 · 1.39%Switzerland: Jun 2024 · 1.33%Switzerland: Jul 2024 · 1.29%Switzerland: Aug 2024 · 1.06%Switzerland: Sept 2024 · 0.84%Switzerland: Oct 2024 · 0.62%Switzerland: Nov 2024 · 0.73%Switzerland: Dec 2024 · 0.63%Switzerland: Jan 2025 · 0.40%Switzerland: Feb 2025 · 0.32%Switzerland: Mar 2025 · 0.34%Switzerland: Apr 2025 · 0.03%

National headline CPI; euro area uses HICP. Baskets and national methods differ. Quarterly readings remain quarterly.

Sources & exact observations

Canada

Organization for Economic Co-operation and Development via FRED ↗

Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for Canada · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2025-05-15 2:20 PM CDT
Retrieved: 2026-10-18

Canada inflation — selected range
PeriodValue
Mar 20252.32%
Feb 20252.64%
Jan 20251.90%
Dec 20241.83%
Nov 20241.89%
Oct 20242.02%
Sept 20241.64%
Aug 20241.95%
Jul 20242.53%
Jun 20242.67%
May 20242.87%
Apr 20242.69%
Mar 20242.90%
Feb 20242.78%
Jan 20242.86%
Dec 20233.40%
Nov 20233.12%
Oct 20233.12%
Sept 20233.80%
Aug 20234.00%
Jul 20233.27%
Jun 20232.81%
May 20233.36%
Apr 20234.41%
Mar 20234.30%
Feb 20235.25%
Jan 20235.92%
Dec 20226.32%
Nov 20226.80%
Oct 20226.88%
Sept 20226.86%
Aug 20227.01%
Jul 20227.59%
Jun 20228.13%
May 20227.73%
Apr 20226.77%
Mar 20226.66%
Feb 20225.69%
Jan 20225.14%
Dec 20214.80%
Nov 20214.72%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for Switzerland · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2025-05-15 2:20 PM CDT
Retrieved: 2026-10-18

Switzerland inflation — selected range
PeriodValue
Apr 20250.03%
Mar 20250.34%
Feb 20250.32%
Jan 20250.40%
Dec 20240.63%
Nov 20240.73%
Oct 20240.62%
Sept 20240.84%
Aug 20241.06%
Jul 20241.29%
Jun 20241.33%
May 20241.39%
Apr 20241.37%
Mar 20241.04%
Feb 20241.17%
Jan 20241.28%
Dec 20231.71%
Nov 20231.44%
Oct 20231.69%
Sept 20231.65%
Aug 20231.55%
Jul 20231.61%
Jun 20231.71%
May 20232.16%
Apr 20232.57%
Mar 20232.95%
Feb 20233.37%
Jan 20233.28%
Dec 20222.84%
Nov 20222.96%
Oct 20223.00%
Sept 20223.25%
Aug 20223.45%
Jul 20223.43%
Jun 20223.38%
May 20222.94%
Apr 20222.55%
Mar 20222.39%
Feb 20222.15%
Jan 20221.65%
Dec 20211.53%
Nov 20211.53%

Unemployment

% of labour force · seasonally adjusted

Canada · CAD 6.40%Aug 2026 · Monthly Refresh failed · saved history
Switzerland · CHF 5.03%2026 Q2 · Quarterly Refresh failed · saved history
-0.7%1.4%3.5%5.7%7.8%Oct 21Jan 23Apr 24Jul 25Oct 26Canada: Nov 2021 · 6.10%Canada: Dec 2021 · 5.90%Canada: Jan 2022 · 6.40%Canada: Feb 2022 · 5.50%Canada: Mar 2022 · 5.40%Canada: Apr 2022 · 5.40%Canada: May 2022 · 5.20%Canada: Jun 2022 · 4.90%Canada: Jul 2022 · 4.80%Canada: Aug 2022 · 5.20%Canada: Sept 2022 · 5.10%Canada: Oct 2022 · 5.10%Canada: Nov 2022 · 5.00%Canada: Dec 2022 · 5.00%Canada: Jan 2023 · 5.10%Canada: Feb 2023 · 5.20%Canada: Mar 2023 · 5.10%Canada: Apr 2023 · 5.10%Canada: May 2023 · 5.20%Canada: Jun 2023 · 5.40%Canada: Jul 2023 · 5.40%Canada: Aug 2023 · 5.40%Canada: Sept 2023 · 5.50%Canada: Oct 2023 · 5.70%Canada: Nov 2023 · 5.80%Canada: Dec 2023 · 5.80%Canada: Jan 2024 · 5.70%Canada: Feb 2024 · 5.90%Canada: Mar 2024 · 6.10%Canada: Apr 2024 · 6.20%Canada: May 2024 · 6.30%Canada: Jun 2024 · 6.40%Canada: Jul 2024 · 6.40%Canada: Aug 2024 · 6.60%Canada: Sept 2024 · 6.50%Canada: Oct 2024 · 6.60%Canada: Nov 2024 · 7.00%Canada: Dec 2024 · 6.70%Canada: Jan 2025 · 6.70%Canada: Feb 2025 · 6.60%Canada: Mar 2025 · 6.80%Canada: Apr 2025 · 6.90%Canada: May 2025 · 7.00%Canada: Jun 2025 · 6.90%Canada: Jul 2025 · 6.90%Canada: Aug 2025 · 7.10%Canada: Sept 2025 · 7.10%Canada: Oct 2025 · 6.90%Canada: Nov 2025 · 6.60%Canada: Dec 2025 · 6.80%Canada: Jan 2026 · 6.50%Canada: Feb 2026 · 6.70%Canada: Mar 2026 · 6.70%Canada: Apr 2026 · 6.90%Canada: May 2026 · 6.60%Canada: Jun 2026 · 6.50%Canada: Jul 2026 · 6.40%Canada: Aug 2026 · 6.40%Switzerland: 2022 Q1 · 4.33%Switzerland: 2022 Q2 · 4.15%Switzerland: 2022 Q3 · 3.97%Switzerland: 2022 Q4 · 4.05%Switzerland: 2023 Q1 · 4.00%Switzerland: 2023 Q2 · 3.96%Switzerland: 2023 Q3 · 4.09%Switzerland: 2023 Q4 · 4.12%Switzerland: 2024 Q1 · 4.12%Switzerland: 2024 Q2 · 4.22%Switzerland: 2024 Q3 · 4.54%Switzerland: 2024 Q4 · 4.49%Switzerland: 2025 Q1 · 4.59%Switzerland: 2025 Q2 · 4.76%Switzerland: 2025 Q3 · 4.93%Switzerland: 2025 Q4 · 5.07%Switzerland: 2026 Q1 · 5.07%Switzerland: 2026 Q2 · 5.03%

OECD labour-force survey measure. Switzerland and New Zealand report quarterly; other economies report monthly. National age coverage can differ.

Sources & exact observations

Canada

Organization for Economic Co-operation and Development via FRED ↗

Infra-Annual Labor Statistics: Monthly Unemployment Rate Total: 15 Years or over for Canada

Source updated: 2026-09-15 3:14 PM CDT
Retrieved: 2026-10-18

Canada unemployment — selected range
PeriodValue
Aug 20266.40%
Jul 20266.40%
Jun 20266.50%
May 20266.60%
Apr 20266.90%
Mar 20266.70%
Feb 20266.70%
Jan 20266.50%
Dec 20256.80%
Nov 20256.60%
Oct 20256.90%
Sept 20257.10%
Aug 20257.10%
Jul 20256.90%
Jun 20256.90%
May 20257.00%
Apr 20256.90%
Mar 20256.80%
Feb 20256.60%
Jan 20256.70%
Dec 20246.70%
Nov 20247.00%
Oct 20246.60%
Sept 20246.50%
Aug 20246.60%
Jul 20246.40%
Jun 20246.40%
May 20246.30%
Apr 20246.20%
Mar 20246.10%
Feb 20245.90%
Jan 20245.70%
Dec 20235.80%
Nov 20235.80%
Oct 20235.70%
Sept 20235.50%
Aug 20235.40%
Jul 20235.40%
Jun 20235.40%
May 20235.20%
Apr 20235.10%
Mar 20235.10%
Feb 20235.20%
Jan 20235.10%
Dec 20225.00%
Nov 20225.00%
Oct 20225.10%
Sept 20225.10%
Aug 20225.20%
Jul 20224.80%
Jun 20224.90%
May 20225.20%
Apr 20225.40%
Mar 20225.40%
Feb 20225.50%
Jan 20226.40%
Dec 20215.90%
Nov 20216.10%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Infra-Annual Labor Statistics: Monthly Unemployment Rate Total: 15 Years or over for Switzerland

Source updated: 2026-09-15 3:14 PM CDT
Retrieved: 2026-10-18

Switzerland unemployment — selected range
PeriodValue
2026 Q25.03%
2026 Q15.07%
2025 Q45.07%
2025 Q34.93%
2025 Q24.76%
2025 Q14.59%
2024 Q44.49%
2024 Q34.54%
2024 Q24.22%
2024 Q14.12%
2023 Q44.12%
2023 Q34.09%
2023 Q23.96%
2023 Q14.00%
2022 Q44.05%
2022 Q33.97%
2022 Q24.15%
2022 Q14.33%

Real GDP growth

Quarter-on-quarter % · seasonally adjusted

Canada · CAD 0.82%2026 Q2 · Quarterly Refresh failed · saved history
Switzerland · CHF 1.88%2026 Q2 · Quarterly Refresh failed · saved history
-0.6%0.0%0.7%1.4%2.1%Oct 21Jan 23Apr 24Jul 25Oct 26Canada: 2022 Q1 · 1.04%Canada: 2022 Q2 · 1.14%Canada: 2022 Q3 · 0.81%Canada: 2022 Q4 · 0.06%Canada: 2023 Q1 · 1.05%Canada: 2023 Q2 · 0.16%Canada: 2023 Q3 · 0.05%Canada: 2023 Q4 · 0.05%Canada: 2024 Q1 · 0.73%Canada: 2024 Q2 · 0.82%Canada: 2024 Q3 · 0.82%Canada: 2024 Q4 · 0.70%Canada: 2025 Q1 · 0.72%Canada: 2025 Q2 · -0.24%Canada: 2025 Q3 · 0.47%Canada: 2025 Q4 · -0.25%Canada: 2026 Q1 · 0.08%Canada: 2026 Q2 · 0.82%Switzerland: 2022 Q1 · 0.25%Switzerland: 2022 Q2 · 0.84%Switzerland: 2022 Q3 · 0.59%Switzerland: 2022 Q4 · 0.18%Switzerland: 2023 Q1 · 0.36%Switzerland: 2023 Q2 · -0.34%Switzerland: 2023 Q3 · 0.34%Switzerland: 2023 Q4 · 0.56%Switzerland: 2024 Q1 · -0.02%Switzerland: 2024 Q2 · 0.90%Switzerland: 2024 Q3 · 0.50%Switzerland: 2024 Q4 · 0.39%Switzerland: 2025 Q1 · 0.94%Switzerland: 2025 Q2 · -0.02%Switzerland: 2025 Q3 · -0.41%Switzerland: 2025 Q4 · 0.52%Switzerland: 2026 Q1 · 0.63%Switzerland: 2026 Q2 · 1.88%

Real output growth from the previous quarter, not annualised. Euro area uses the 19-country aggregate. Revisions may change historical values.

Sources & exact observations

Canada

Organization for Economic Co-operation and Development via FRED ↗

National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Canada

Source updated: 2026-10-15 3:42 PM CDT
Retrieved: 2026-10-18

Canada real gdp growth — selected range
PeriodValue
2026 Q20.82%
2026 Q10.08%
2025 Q4-0.25%
2025 Q30.47%
2025 Q2-0.24%
2025 Q10.72%
2024 Q40.70%
2024 Q30.82%
2024 Q20.82%
2024 Q10.73%
2023 Q40.05%
2023 Q30.05%
2023 Q20.16%
2023 Q11.05%
2022 Q40.06%
2022 Q30.81%
2022 Q21.14%
2022 Q11.04%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Switzerland

Source updated: 2026-10-15 3:41 PM CDT
Retrieved: 2026-10-18

Switzerland real gdp growth — selected range
PeriodValue
2026 Q21.88%
2026 Q10.63%
2025 Q40.52%
2025 Q3-0.41%
2025 Q2-0.02%
2025 Q10.94%
2024 Q40.39%
2024 Q30.50%
2024 Q20.90%
2024 Q1-0.02%
2023 Q40.56%
2023 Q30.34%
2023 Q2-0.34%
2023 Q10.36%
2022 Q40.18%
2022 Q30.59%
2022 Q20.84%
2022 Q10.25%

Sources: OECD, Eurostat and the U.S. Bureau of Labor Statistics, retrieved through the Federal Reserve Bank of St. Louis (FRED). Data may be revised. Refresh check: 2026-10-18. Higher or lower readings alone do not determine currency direction.

Market data availability

Expected CAD/CHF Rate Divergence

Market-implied policy-rate differences require validated, appropriately licensed forward inputs for both currencies. No fabricated forecasts.

Checking forward-rate source availability…
Policy calendar · CAD/CHF

Next Major Decisions to Watch

The next scheduled monetary-policy announcement for each of the two central banks in this pair. Dates are official schedules, not forecasts of rate increases or cuts.

CAD · BoCScheduled

Policy announcement date

Rate decision and Monetary Policy Report

What to watch

Overnight-rate target decision and Monetary Policy Report when scheduled

Official BoC calendar ↗
CHF · SNBScheduled

Policy announcement date

Monetary policy assessment

What to watch

SNB policy-rate assessment, inflation outlook and press release

Official SNB calendar ↗

Schedules checked 15 Oct 2026. Central banks may reschedule meetings or announce unscheduled decisions. For the newest schedule, use the linked official calendars.

Official statements · CAD/CHF

Central Bank Policy Outlook & Forward Guidance

Compare what the two central banks have actually communicated. These are dated summaries of official policy, not market-priced rate expectations or trade recommendations.

CAD · BoC
Rate hold · Watching inflation upside

BoC held at 2.25%, with more uncertainty around inflation

The Governing Council kept its overnight target unchanged, said upside inflation risks had increased, and remained prepared to adjust policy as needed. It did not announce a precommitted hike.

What could change the outlook?

Canadian inflation excluding energy, recovery durability and trade-policy effects

Official rate decision press release ↗
CHF · SNB
Rate hold · Conditional inflation outlook

SNB held at zero as its conditional inflation forecast stayed in target

The SNB maintained a 0% policy rate. Its published inflation forecast assumed a constant policy rate and was within its price-stability range; that assumption is not a promise to hold future rates.

What could change the outlook?

Swiss inflation, franc exchange-rate developments and global uncertainty

Official monetary policy assessment ↗

Review date: 16 Oct 2026. Different central-bank statements are not directly comparable forecasts. The next policy decision may materially change the guidance.

Official central-bank publications

Central Bank Policy Updates · CAD/CHF

Only SNB and BoC: official decisions, minutes and policy publications relevant to CAD/CHF. No unrelated currencies.

Last curated review: 15 Oct 2026 · Dated source collection — not a live news feed

3 publications from the two banks in CAD/CHF.

CHF · SNB Rate decision

SNB holds SNB policy rate · 0.00%

SNB kept its benchmark rate unchanged; Trade90's selected snb policy rate is 0.00%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.
Official SNB publication ↗
CAD · BoC Minutes

BoC releases September policy deliberations

The Bank of Canada's Governing Council discussed inflation risks, high energy costs, trade uncertainty and economic activity before keeping the overnight target at 2.25%. The record reports deliberations, not a new rate change.

What this publication confirms: The council weighed elevated inflation risks against economic uncertainty.
Official BoC publication ↗
CAD · BoC Rate decision

BoC holds Target for overnight rate · 2.25%

BoC kept its benchmark rate unchanged; Trade90's selected target for overnight rate is 2.25%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.
Official BoC publication ↗
AUTOMATED OFFICIAL SOURCE WATCH

Recent publication links for CAD/CHF

Links detected from official bank publication channels. A new publication is not necessarily an interest-rate decision and is not a verified policy-rate change.

Loading recent source scan…

Automatically collected links are shown for reference, not verified AI-written summaries or streaming data. For rate and source-quality definitions, see TRADE90's data policy.

AUTOMATIC OFFICIAL SOURCE WATCH

Recently detected central-bank publications

Links detected on official bank websites for CAD/CHF. Titles are from the original sources. TRADE90 does not treat link discovery as confirmation of a new interest rate.

Checking the official-source archive…
Interpretation & sources

What the CAD/CHF Policy-Rate Gap Means

CAD/CHF compares the CAD (Canada) and CHF (Switzerland) monetary-policy benchmarks. CAD has the higher selected official policy-rate benchmark in Trade90's 15 Oct 2026 snapshot. The signed base-minus-quote gap is +225 basis points; this is a comparison of official policy levels, not a currency-price signal.

What could change the relative policy outlook?

For CAD, monitor Canadian inflation, employment and Bank of Canada deliberations. For CHF, monitor Swiss inflation, franc exchange-rate developments and SNB assessments. A change in future market expectations may move an exchange rate even while the current official policy gap remains unchanged.

Why this gap is not a trade recommendation

Trade90 compares overnight-rate target against SNB policy rate. Each country defines its policy benchmark differently. The signed difference is not an FX forward, an investable interest-rate spread, or a broker's overnight swap charge.

Current decisions and forward market pricing answer different questions. A CPI or labour-market release can change futures-implied expectations without changing an official benchmark. Trade90 does not infer a buy/sell signal from a policy gap. Read the rate-gap methodology and guide to market-implied expectations.

Latest dated official publications for this pair

Continue your research

Use the forex fundamental analysis checklist to compare the two economies, read how interest-rate differentials work, and model trade risk with the forex position size calculator.

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