美元兑加元上涨至近22年来的高点1.48。在过去的4周里，美元加元上涨了2.89%，在过去的12个月里，它上涨了8.93%。

USDCAD increased to a near 22-year high of 1.48. Over the past 4 weeks, US Dollar Canadian Dollar gained 2.89%, and in the last 12 months, it increased 8.93%.

美加贸易冲击正在发挥作用：首次经济收获。加拿大遭受了近100年来最大的贸易冲击。RBC Economics现在发现，在进行清晰分析的愿望与认识到贸易政策的演变以及政策制定者对这些政策的反应仍然高度不确定之间取得了平衡。

A U.S.-Canada Trade Shock Now in Play: First Economic Takeaways.Canada has been hit with its largest trade shock in nearly 100 years. RBC Economics now finds itself balancing the desire to produce a clear analysis with the recognition that the evolution of trade policies, and policymakers' responses to them, still remains highly uncertain.

加拿大劳动力市场在关税威胁迫在眉睫之前仍在逐渐疲软。加拿大劳动力市场在1月份可能继续表现不佳，因为它一直表现出比美国就业市场更明显的恶化。

Canada's Labour Market Still Gradually Softening Ahead of Looming Tariff Threat.Canada's labour market likely continued to underperform in January as it has consistently shown a more pronounced deterioration than the U.S. job market.

周五下午，标准普尔/多伦多证交所综合指数下跌0.7%，至25840点以下，从历史高点回落，并削减了1月份近4%的涨幅，此前白宫发言人卡罗琳·莱维特证实，对墨西哥和加拿大征收25%的关税将于周六生效，驳斥了3月1日推迟的报道。能源行业受到的打击最为严重，加拿大天然气公司、森科尔公司和Cenovus公司亏损0.9%至2.4%，因为加拿大最大石油出口目的地的关税可能会对利润产生重大影响。与此同时，帝国石油公司（Imperial Oil）表现最差，下跌5.5%，原因是第四季度利润疲软加上更广泛的担忧。金融股也拖累该指数，加拿大皇家银行、加拿大丰业银行和加拿大帝国商业银行各下跌0.6%以上，而主要矿业股扭转了早盘涨幅。在经济方面，加拿大12月的国内生产总值预计将增长0.2%，这将转化为2024年1.4%的年增长率，符合中国银行的预期。

The S&P/TSX Composite Index fell 0.7% to below the 25,840 mark on Friday afternoon, retreating from record highs and trimming some of January’s nearly 4% gains, after White House spokeswoman Karoline Leavitt confirmed that the 25% tariffs on Mexico and Canada will take effect on Saturday, refuting reports of a March 1st delay. The energy sector was the hardest hit, with Canadian Natural, Suncor, and Cenovus losing between 0.9% and 2.4%, as tariffs from Canada’s top oil export destination threaten to significantly impact profits. Meanwhile, Imperial Oil was the top laggard, losing 5.5%, as lackluster fourth-quarter profits compounded with broader concerns. Financial equities also weighed on the index, with RBC, Scotiabank, and CIBC losing over 0.6% each, while key mining equities reversed early-session gains. On the economic front, Canadian GDP is expected to have expanded by 0.2% in December, which would translate to an annual growth rate of 1.4% in 2024, in line with BoC expectations.