Canadian Effective Exchange Rate (CEER)

## What this measures

The value of the Canadian dollar against a trade-weighted basket of the currencies of Canada's major trading partners.

## Why it matters

It measures the dollar's strength against all partners, not just the U.S. dollar (fred_cad), which is what matters for overall competitiveness.

## How to read it

Higher means a stronger Canadian dollar. If the CEER is flat while USD/CAD moves, the move is about the U.S. dollar, not Canada.

## What it does not say

It is nominal: it does not adjust for inflation differences between countries.

## Source

Bank of Canada, Valet API, series CEER_BROADN ("Daily nominal Canadian effective exchange rates"). Palanor pulls it from the Bank's Valet service every weekday. Source: Bank of Canada. Content obtained from the Bank of Canada website; changes are noted where Palanor computes from it.