Canada FX survey shows modest turnover rise to $235.8 billion a day in April 2026
Canada’s April 2026 CFEC survey reported traditional FX turnover of US$235.8 billion a day, up from US$231.7 billion in October 2025. Higher spot and forward activity offset a decline in FX swaps.
April 2026 traditional foreign-exchange turnover averaged US$235.8 billion a day through Canadian-based sales desks, according to the Canadian Foreign Exchange Committee survey published by the Bank of Canada. That was a modest increase from US$231.7 billion in October 2025, with higher spot and outright forward activity outweighing lower FX swap turnover.
The survey covers eight participating banks, rather than only retail trading or transactions by Canadian residents. Its traditional FX total comprises spot, outright forwards and FX swaps. The figures describe average daily transactions during the survey month, not monthly totals, outstanding positions or customer balances.
Spot and forwards offset weaker swaps
Spot turnover rose to US$32.8 billion a day from US$27 billion in October, while outright forwards increased to US$32 billion from US$25.4 billion. FX swaps moved in the opposite direction, falling to US$171 billion from US$179.3 billion. Swaps nevertheless remained by far the largest component, so their decline restrained the increase in the traditional total.
The main signal is therefore a shift in the composition of reported activity, rather than a uniform expansion across instruments. More spot and forward transactions passed through the participating desks, but the dominant swap segment did not share that increase. This distinction matters for assessing market activity: a higher aggregate does not establish that liquidity improved across products, nor does turnover alone demonstrate stronger underlying demand or greater profitability.
A smaller advance after October’s rise
The historical comparison also points to slower expansion between survey observations. Traditional turnover had risen from US$201 billion a day in April 2025 to US$231.7 billion in October. The subsequent increase was much smaller. April 2026 remained above both those readings, but that sequence does not establish a lasting growth trend.
Separately, FX derivatives turnover, covering currency swaps and options, increased to US$19.5 billion a day from US$18.9 billion. Currency swap activity rose, while options turnover declined. As with traditional FX, the aggregate increase masked opposing instrument-level movements; this derivatives measure is reported separately from the traditional total.
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