加元兑美元汇率升至1.41美元，在4月3日接近近四个月高点，这是在美元普遍走弱的情况下采取的国内保障措施。特朗普总统最近暂停了90天的互惠关税——不包括中国，中国的关税已提高到125%——缓解了更广泛的贸易紧张局势，抑制了美元，从而增强了加元的吸引力。在国内，加拿大自4月9日起对不符合USMCA的车辆迅速征收25%的反关税，保护了主要出口部门，增强了贸易预期，增强了投资者信心。此外，在能源市场需求前景改善的推动下，原油价格的复苏进一步支持了与出口挂钩的加拿大经济。

The Canadian dollar strengthened toward $1.41, nearing its recent four-month high on April 3rd, as domestic safeguards amid a broadly weaker U.S. dollar. President Trump’s recent 90-day suspension of reciprocal tariffs—excluding China, for which tariffs have been raised to 125%—has alleviated broader trade tensions and dampened the greenback, thereby enhancing the appeal of the loonie. Domestically, Canada’s swift imposition of a 25% counter tariff on non-USMCA compliant vehicles, effective April 9, has shielded key export sectors and reinforced trade expectations, bolstering investor confidence. Additionally, the recovery in crude oil prices, driven by an improved demand outlook in energy markets, has further supported the export-linked Canadian economy.

标准普尔/多伦多证交所综合指数周三下午反弹超过4%，攀升至23600点以上，弥补了前四个交易日的大幅下跌，因为特朗普总统决定在未来90天内暂停对大多数国家的互惠关税后，风险偏好有所改善。尽管中国仍被排除在暂停之外——美国对其出口的关税现已上调至125%，以回应北京方面的最新一轮报复——但贸易紧张局势的广泛缓解有助于平息市场紧张情绪，并重新点燃对风险资产的兴趣。反弹是由重量级行业，特别是能源行业的强劲上涨推动的，加拿大天然气公司、森科尔公司、帝国石油公司和Cenovus公司在原油价格上涨的情况下均上涨了5%以上。科技和金融类股也实现了稳健复苏，Shopify上涨11%，布鲁克菲尔德上涨8%。与此同时，巴里克和阿格尼科·伊格尔等黄金生产商继续受益于金价上涨。

The S&P/TSX Composite Index rebounded by over 4% to climb above the 23,600 level on Wednesday afternoon, trimming a portion of the steep losses from the previous four sessions as risk appetite improved following President Trump’s decision to suspend reciprocal tariffs for most countries over the next 90 days. Although China remains excluded from the pause—with U.S. tariffs on its exports now raised to 125% in response to Beijing’s latest round of retaliation—the broader easing in trade tensions helped calm market nerves and reignited interest in risk assets. The rebound was driven by strong gains across heavyweight sectors, particularly energy, with Canadian Natural, Suncor, Imperial Oil, and Cenovus all rising more than 5% amid rising crude prices. Technology and financial stocks also staged a solid recovery, led by an 11% surge in Shopify and an 8% advance in Brookfield. Meanwhile, gold producers such as Barrick and Agnico Eagle continued to benefit from elevated bullion prices.

加元兑美元汇率走强，超过1.42美元，在4月3日接近近四个月高点，这是在美元疲软的情况下采取的国内保障措施。加拿大自4月9日起迅速对不符合USMCA的车辆征收25%的反关税，这有助于保护主要出口部门免受美国关税的不利影响，从而稳定贸易预期。与此同时，美元正面临持续压力，因为对全球增长和美国经济衰退风险的日益担忧促使投资者寻求日元和瑞士法郎等更安全的替代品。美元疲软因美国国债的持续抛售而进一步加剧，因为外国投资者在贸易摩擦不断升级的环境中平仓，包括对中国商品征收104%的关税，中国对美国进口商品征收84%的报复性关税，以及欧盟的反制措施。

The Canadian dollar strengthened past $1.42, nearing its recent four-month high on April 3rd, as domestic safeguards amid a weakening U.S. dollar. Canada’s swift imposition of a 25% counter tariff on non-USMCA compliant vehicles, effective April 9th, has helped protect key export sectors from adverse U.S. tariff impacts, thereby stabilizing trade expectations. Meanwhile, the U.S. dollar is under sustained pressure, as mounting concerns over global growth and the risk of a U.S. recession prompt investors to seek safer alternatives like the Japanese yen and Swiss franc. This dollar weakness is further compounded by a continued sell-off in U.S. Treasuries, as foreign investors unwind positions in an environment marked by escalating trade frictions, including a 104% tariff on Chinese goods and China's retaliatory 84% duty on U.S. imports, as well as countermeasures from the European Union.

加拿大4月份10年期政府债券收益率超过3.18%，为七周来最高，因为不断升级的贸易紧张局势和普遍存在的不确定性引发了明显的流动性外逃。特朗普总统实施互惠关税后，投资者的焦虑情绪加剧，该关税对中国进口商品征收累计104%的关税，促使中国迅速采取报复行动，将美国商品的关税提高到84%。这些激进的保护主义措施，再加上对美国经济衰退和持续通货膨胀的日益担忧，可能会阻碍美联储进一步放松货币政策，给全球债券市场带来了额外的压力。与此同时，有关外国抛售和更广泛的现金涌入的报道甚至让传统上安全的美国国债感到不安，加剧了人们对欧盟自身应对措施的担忧。

Canada’s 10-year government bond yield surpassed 3.18% in April, the highest in seven weeks, as escalating trade tensions and pervasive uncertainties triggered a pronounced flight to liquidity. Investor anxiety mounted after President Trump’s implementation of reciprocal tariffs, which imposed a cumulative 104% duty on Chinese imports, prompted a swift Chinese retaliation by raising tariffs on U.S. goods to 84%. These aggressive protectionist measures, coupled with mounting fears of a U.S. recession and persistent inflation that could impede further monetary easing by the Federal Reserve, have exerted additional pressure on the global bond market. Concurrent reports of foreign selling and a broader rush toward cash have even unsettled traditionally safe U.S. Treasuries, intensifying concerns amid preparations by the European Union for its own countermeasures.