Terms and Conditions

All Bank of Canada exchange rates are indicative rates only, obtained from averages of aggregated price quotes from financial institutions. Please read our full Terms and Conditions for details.

What is CERI?

The Canadian-dollar effective exchange rate index (CERI) is a weighted average of bilateral exchange rates for the Canadian dollar against the currencies of Canada's major trading partners. The CERI replaced the C-6 index in October 2006.

The six foreign currencies in the CERI are the U.S. dollar, the European Union euro, the Japanese yen, the U.K. pound, the Chinese yuan, and the Mexican peso. Before 1996, the South Korean won was part of the index, but the Chinese yuan was not. Table A gives the weights for the currencies in the CERI.

Unlike the C-6 index, which used bilateral trade-weight calculations, CERI's calculations are based on multilateral trade weights. The weights used in constructing the CERI encompass trade in goods, services, and non-energy commodities, whereas the weights used in constructing the C-6 index were based on merchandise trade.

More information:

Table A: Currency weightings
Currency Weights based on
1999-2001 trade data a
Weights based on
1989-1991 trade data b
U.S. dollar 0.7618 0.5886
Euro 0.0931 0.1943
Japanese yen 0.0527 0.1279
Chinese yuan 0.0329
Mexican peso 0.0324 0.0217
U.K. pound 0.0271 0.0368
South Korean won 0.0307

a) These weights are applied to the CERI from 1996 to the present.

b) These weights are applied to the CERI before 1996.


The formula uses a weighting scheme that allows percentage changes in currency appreciations and depreciations to be treated symmetrically. An increase in the index represents an effective appreciation of the Canadian dollar, while a decrease represents a depreciation of the Canadian dollar. The index is based to 1992 = 100.

The formula for the CERI is:

CERI formula