The exchange coupling between two strong itinerant ferromagnets separated by N atomic planes of a nonmagnetic metal is calculated using a Hubbard-type model. It is shown that for certain positions of the Fermi level the variation of the exchange coupling with N exhibits oscillations of long period. The amplitude of the oscillations falls of as 1/N2 and agrees in order of magnitude with the exchange coupling observed by Parkin et al. in Co/Ru and Fe/Cr multilayers. Further agreement is the finding that antiparallel alignment of the ferromagnetic layers is favoured for small N. The relationship between the coupling found here and one of RKKY type is discussed.