The Canadian dollar is slumping today on worsening risk sentiment and another decline in oil. The one good thing you can say is that Canadian banks are well-capitalized and not under threat. Hold-to-maturity debt losses are 2-12% of equity across the major banks.

The way things are looking, the 4.50% top in Canadian rates is going to be close to the limit for everyone so there's carry to be had but that's going to be overwhelmed by global growth worries until the banks are straightened out.