Rate differentials · BoC vs SNB · priced as of 12 November 2026
CAD/CHF interest rate differential: BoC vs SNB
As of 12 November 2026, the CAD/CHF interest rate differential is +250 bp: the BoC's overnight rate at 2.50% against the SNB's policy rate at 0.00%, in favour of the Canadian dollar. Markets price the gap at +262 bp in six months and +264 bp in twelve.
Over the next six months, markets price the gap to move +12 bp over six months, towards the Canadian dollar. That six-month gap has moved +24 bp in a month.
The rate spread, now and priced ahead
| BoC (CAD) | SNB (CHF) | Gap | |
|---|---|---|---|
| Policy rate now | 2.50% | 0.00% | +250 bp |
| Priced in 6 months | 2.91% | 0.29% | +262 bp |
| Priced in 12 months | 3.16% | 0.51% | +264 bp |
| 6-month gap a month ago | 2.75% | 0.36% | +238 bp |
The gap is CAD minus CHF, in basis points (100 bp is one percentage point). Six and twelve months out is the rate implied after each bank's last meeting on or before that date. Market pricing, not a forecast. Each bank's meeting-by-meeting odds: BoC · SNB.
The carry on CAD/CHF
The Canadian dollar: the Bank of Canada pays 2.50% against 0.00%, a gap of +250 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
How the gap feeds the exchange rate, and when it does not: rate differentials explained and the carry trade explained.
Questions
What is the CAD/CHF interest rate differential?
As of 12 November 2026, the CAD/CHF interest rate differential is +250 bp: the BoC's overnight rate at 2.50% against the SNB's policy rate at 0.00%, in favour of the Canadian dollar. Markets price the gap at +262 bp in six months and +264 bp in twelve.
Is the BoC–SNB gap priced to widen or narrow?
Markets price the gap to move +12 bp over six months, towards the Canadian dollar, from +250 bp now to +262 bp. A month ago (13 October) the same six-month gap was priced at +238 bp, so it has moved +24 bp since. That is market pricing, not a forecast.
Which side of CAD/CHF has the carry?
The Canadian dollar: the Bank of Canada pays 2.50% against 0.00%, a gap of +250 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
Where does this pricing come from?
Each bank's priced path comes from the market instrument behind it: Exchange-traded futures, WatchTower model for BoC, Exchange-traded futures, WatchTower model for SNB. The rate six or twelve months out is the one implied after the last meeting on or before that date. The month-ago figure is from our daily snapshot of the same curves.
More on CAD/CHF: CAD/CHF analysis · CAD/CHF retail sentiment · CAD/CHF seasonality · Canadian Dollar outlook · Canadian Dollar COT positioning · BoC rate expectations · Canadian economic surprises · Swiss Franc outlook · Swiss Franc COT positioning · SNB rate expectations · Swiss economic surprises
Other rate differentials: USD/CHF +400 bp · USD/CAD +150 bp · EUR/CHF +250 bp · EUR/CAD 0 bp · GBP/CHF +400 bp · GBP/CAD +150 bp · AUD/CAD +235 bp · AUD/CHF +485 bp · CAD/JPY +125 bp · CHF/JPY −125 bp · all 28
In WatchTower Terminal, the Rate spread panel draws the CAD/CHF gap against the price. Nothing here is financial advice.