As the Canadian Clean Fuel Regulation prepares to get launched in early 2023, we explore the current state of regulatory design, market pulse, and brimming anticipation about market liquidity. We present our views on the expected demand and supply of credits in the early part of the program (2023 – 2028) and provide an early price signal for the market. We also highlight the evolving interplay between existing clean fuel markets (California, Oregon, British Columbia) and upcoming ones (Canada, Washington)