Cash Rate

Bank of Canada

Canada target for the overnight rate

View on Canada desk

2.25%

−0.25 pp last change (Oct 29, 2025)

As of Sep 15, 2026 | Daily (policy rate; changes on Bank of Canada decision days)

Mean
1.50%
Median
1.00%
Min
0.25% Apr 21, 2009
Max
5.00% Jul 13, 2023
DateRate
Sep 15, 20262.25
Aug 31, 20262.25
Jul 31, 20262.25
Jun 30, 20262.25
May 29, 20262.25
Apr 30, 20262.25
Mar 31, 20262.25
Feb 27, 20262.25
Jan 30, 20262.25
Dec 31, 20252.25
Nov 28, 20252.25
Oct 31, 20252.25
Sep 30, 20252.50
Aug 29, 20252.75
Jul 31, 20252.75
Jun 30, 20252.75
May 30, 20252.75
Apr 30, 20252.75
Mar 31, 20252.75
Feb 28, 20253.00
Jan 31, 20253.00
Dec 31, 20243.25
Nov 29, 20243.75
Oct 31, 20243.75

About the overnight rate target

Bank of Canada target for the overnight rate (V39079). Current: 2.25% on Sep 15, 2026. Daily series from the BoC Valet API; chart is stepped at policy decisions.

From Apr 21, 2009 to Sep 15, 2026 (4,525 observations): mean 1.50%, median 1.00%; low 0.25% (Apr 21, 2009), high 5.00% (Jul 13, 2023). Not a mortgage or deposit rate.

Source: Bank of Canada Valet API, series V39079 (target for the overnight rate). Licence: Bank of Canada website terms: free use, copy and distribute with attribution (terms). Files: data/raw/boc-overnight-rate.json.

Reading this series

Canada's target for the overnight rate is set by the Bank of Canada's Governing Council and is the policy rate the Bank aims to keep the overnight market near. The page uses the Bank of Canada Valet API series V39079, with a daily record from 2009. Because the Bank changes the target only at fixed announcement dates, the chart is drawn as steps. The target is the policy anchor; the separate CORRA page covers the market rate that settles overnight Canadian repo trades.

Read the headline with its as-of date, then the "versus the previous reading" line. When the target has been unchanged for a while, the page shows the date of the last actual move rather than a row of zero changes. Mean, median, low and high are arithmetic summaries of the daily observations in this build, so a long hold at one setting pulls them toward it. Chart and Table present the series two ways, range buttons filter the drawn window only, and Explore loads zoom and pan on request. The overnight target is not a mortgage or deposit rate.