Canadian Dollar Futures Expiration and Delivery Explained
Learn 6C expiration: final-trading business-day rules, third-Wednesday physical delivery, calendar contingencies, rolls, and broker instructions.
Direct answer
Canadian Dollar futures are physically delivered, not cash settled. Under CME Chapter 252, trading normally terminates on the second Business Day immediately preceding the third Wednesday of the contract month. Chicago or New York City bank-holiday timing can move that boundary to the preceding common business day. Delivery is normally on that third Wednesday, subject to its own country-of-delivery and bank-day rules.
The 6C delivery month defines the deadline record
Expiration and delivery belong to one named 6C contract month and year. A generic CAD/USD chart, a product root, or a nearby-contract shortcut is not enough to determine a particular agreement's exchange date. Preserve the exact month-year before joining a rulebook statement to a calendar or an account instruction.
What Canadian Dollar futures are explains the 100,000-dollar unit and physical-delivery design. How to read Canadian Dollar futures quotes helps distinguish a named contract from a continuous series or an unlabelled rate.
Chapter 252 ties 6C termination to the third Wednesday
Chapter 252 states that trading normally terminates on the second Business Day immediately preceding the third Wednesday of the contract month. This is a business-day rule, not a fixed clock-time shortcut. If that termination date is a bank holiday in Chicago or New York City, trading ends on the next preceding Business Day common to Chicago and New York City banks and the Exchange.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current 6C rule and calendar for a named contract.
6C physical delivery follows Chapter 252 plus Chapter 7
6C is physically delivered under the Chapter 252 settlement procedures and the broader Chapter 7 delivery framework. The Canadian dollar is among the currencies CME identifies as eligible for its FX delivery framework, but clearing and broker arrangements govern the handling of a particular open position. Do not replace a delivery process with a spot loonie headline, a displayed rate, or a cash-settlement assumption.
Cash-settled versus physically delivered futures contrasts the two settlement designs at a high level for currency contracts. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific 6C rules.
The 6C third Wednesday operates as delivery day with its own contingencies
Delivery is normally made on the third Wednesday of the contract month. If that day is not a Business Day in Canada, or is a bank holiday in either Chicago or New York City, delivery shifts to the next day satisfying the rule's stated conditions. The delivery contingency stands apart from the earlier trading termination rule, even though both anchor to the same Wednesday.
Log the 6C exchange calendar, the Chapter 252 reference, the delivery status, and the source behind each date. Never invent a missing date from a run of calendar days, and never read a public exchange rule as an account-level instruction from a broker.
Rolls and broker cutoffs leave 6C exchange rules untouched
A roll changes exposure from one named 6C month to another. It does not defer the nearby contract's trading termination or transfer its delivery procedure to the later contract. A broker may set a client-facing action date earlier than an exchange process, so keep broker instructions in a separate field.
Futures contract roll mechanics covers the two dated contracts inside a 6C roll. Futures contract month codes helps resolve the compact 6C symbol before any date is used.
This guide describes standard Canadian Dollar futures expiration and delivery mechanics. It does not state a live deadline, decide whether to roll or close, provide a delivery notice, or determine a broker's handling of a position. Current CME rules, clearing procedures, calendar notices, and account documents govern a particular contract.
Common questions
When does trading in an expiring 6C contract normally end?
Chapter 252 says it normally terminates on the second Business Day immediately preceding the third Wednesday of the contract month, subject to the rulebook's Chicago and New York bank-holiday contingencies.
When is Canadian Dollar futures delivery normally made?
Delivery is normally made on the third Wednesday of the contract month. If that day fails the stated Canadian-delivery or Chicago/New York business-day tests, the rule specifies a later eligible day.
Are Canadian Dollar futures cash settled?
No. Standard Canadian Dollar futures are physically delivered under Chapter 252 and the applicable delivery procedures. That does not replace a clearing firm's or broker's position instructions.
Is the final trading date always two calendar days before delivery?
No. The rule uses Business Days and includes contingencies. Do not convert it to a calendar-day count without checking the named contract's current calendar.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require client action before an exchange process. Keep the broker's instruction separate from the exchange-level rule.