Noon Rate

The year is 2015. It’s high noon. And we all know what that means: the Bank of Canada is about to publish the noon rate.

The “noon rate” was the daily currency exchange rate for U.S. dollars and Canadian dollars, and it was always published by 12:45 pm. But that was then. Times have changed. As of 2017, the noon rate became a thing of the past, relegated to the Bank of Canada’s musty attic in favor of real-time exchange rate data and a daily rate that represents the day’s average instead of the rate at a specific time (which was noon, of course).

Okay, to be fair, we have no idea if the Bank of Canada’s attic is musty, or if it even has an attic. But we do know that the noon rate was seen as a currency trading benchmark in its heyday.