加元兑美元汇率跌至1.40左右，从5月6日达到的五个月高点1.378回落，对加拿大银行的预期温和，贸易不确定性挥之不去。4月份失业率上升至6.9%，仅增加7400个工作岗位，这加强了市场对中国银行最早可能在6月降息的押注，削弱了加元的吸引力。在贸易方面，加拿大驻华盛顿大使表示，取消特朗普时代的钢铁和铝关税将是渥太华在未来任何美墨加协定谈判中的“起点”，这突显了持续的双边摩擦，随后与美国的紧张关系再次出现。尽管如此，市场还是在国内政治格局中找到了一定程度的保证，因为卡尼总理任命前高盛银行家蒂姆·霍奇森为自然资源部长受到了广泛欢迎，这表明加拿大正在重新努力利用其在能源和采矿方面的战略优势。

The Canadian dollar weakened to around 1.40 per USD, retreating from the five-month high of 1.378 reached on May 6th, amid dovish expectations for the Bank of Canada and lingering trade uncertainties. A modest gain of just 7,400 jobs alongside a rise in the unemployment rate to 6.9% in April, reinforced market bets on a possible rate cut as early as June by the BoC, eroding the loonie’s appeal. On the trade front, tensions with the US resurfaced after Canada’s ambassador to Washington stated that the removal of Trump-era steel and aluminum tariffs would be Ottawa’s “starting point” in any future USMCA negotiations—highlighting ongoing bilateral friction. Still, markets found a degree of reassurance in the domestic political landscape, as Prime Minister Carney’s appointment of former Goldman Sachs banker Tim Hodgson as minister of natural resources was broadly welcomed, signaling a renewed effort to capitalize on Canada’s strategic advantages in energy and mining.

标准普尔/多伦多证交所综合指数周三下跌约0.2%，跌破25600点大关，在全球贸易紧张局势缓解和美国通胀数据低于预期的强劲反弹后回落，投资者等待贸易协定取得进一步进展。截至周二，加拿大股市已连续六个交易日攀升，受美国通胀降温迹象和全球贸易动态改善前景的提振。然而，随着主要矿商拖累指数下跌，势头减弱，Agnico Eagle、Wheaton Precious Metals、Barrick Gold和Franco-Nevada下跌1.6%至2.5%，与此同时金价持续下跌。能源股也因石油基准下跌而下跌。相比之下，Shopify表现突出，上涨约3%，为更广泛的市场提供了一些支持。

The S&P/TSX Composite Index fell about 0.2% to dip below the 25,600 mark on Wednesday, pulling back after a strong rally driven by easing global trade tensions and softer-than-expected US inflation data, as investors awaited further progress on trade agreements. Canadian equities had climbed for six consecutive sessions through Tuesday, buoyed by signs of cooling US inflation and the prospect of improved global trade dynamics. However, the momentum faded as major miners dragged the index lower, with Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada shedding between 1.6% and 2.5%, in tandem with a continued slide in bullion prices. Energy shares also declined amid falling oil benchmarks. In contrast, Shopify stood out on the upside, gaining around 3% and offering some support to the broader market.

加拿大建筑许可证总价值在上个月增长2.9%后，于2025年3月下降4.1%，至129亿加元，低于0.5%的下降预测。非住宅建筑许可证下降14.5%，至42亿加元，标志着复苏后的下降，其中商业（-4.741亿加元；-19.0%）、工业（-370万加元；-0.5%）和机构（-2.385亿加元；-14.4%）分部门下降最为明显。另一方面，住宅许可证在上个月下降至84亿加元后，增长了2.0%，达到87亿加元，这是由于多户许可证的增加（3.225亿加元，5.8%），部分被单户部分的下降（-1.556亿加元，-5.3%）所抵消。九个省份的许可证数量下降，其中努纳武特省下降了79.9%，而纽芬兰和拉布拉多省的增长最为显著（+89.4%）。

The total value of building permits in Canada fell 4.1% from the previous month to CAD 12.9 billion in March 2025, following growth of 2.9% in the previous month and below forecasts of a 0.5% fall. Non-residential building permits fell by 14.5% to CAD 4.2 billion, marking a drop after a recovery, led by declines in the commercial (-CAD 474.1 million; -19.0%), industrial (-CAD 3.7 million; -0.5%) and institutional (-CAD 238.5 million; -14.4%) subsectors. On the other hand, residential permits rose 2.0% to CAD 8.7 billion, after reaching CAD 8.4 billion in a drop the previous month, driven by an increase in multifamily permits (CAD 322.5 million, 5.8%), partially offset by a drop in the single-family component (- CAD 155.6 million, -5.3%). Permits fell in nine provinces, led by Nunavut (-79.9%), while Newfoundland and Labrador (+89.4%) recorded the most significant growth.

3月份加拿大建筑许可证（MoM）低于预期（-0.5%）：实际（-4.1%）。3月份加拿大建筑许可证（MoM）低于预期（-0.5%）：实际（-4.1%）

Canada Building Permits (MoM) below expectations (-0.5%) in March: Actual (-4.1%).Canada Building Permits (MoM) below expectations (-0.5%) in March: Actual (-4.1%)