3月份的数据将为加拿大在关税下的经济提供早期线索。下周五3月的初步零售和制造业销售将提供早期但重要的线索，说明加拿大经济在美国关税下的表现。

March Data to Give Early Clues About Canada's Economy Under Tariffs.Preliminary retail and manufacturing sales for March next week Friday will offer early, but important clues on how the Canadian economy has fared under U.S. tariffs.

周四，标准普尔/多伦多证交所综合指数上涨0.4%，收于24193点，受能源股走强的推动，尽管贸易政策的不确定性挥之不去，使整体情绪保持谨慎。加拿大天然气公司、森科尔公司、帝国石油公司和Cenovus公司领涨，由于美国对伊朗石油出口的新制裁导致原油价格上涨，引发了人们对全球供应紧张的担忧，这些公司的股价均上涨了2%至3.7%。与此同时，美国对铜、半导体、药品和木材征收潜在关税的不确定性依然存在，在与日本进行预期的贸易谈判之前没有官方确认。特朗普总统对美联储主席鲍威尔的批评进一步扰乱了市场神经，此前鲍威尔警告称，关税可能会抑制经济增长并重新加速通货膨胀。尽管如此，该指数在假期缩短的一周结束时仍上涨2.5%，标志着尽管地缘政治不利，但每周表现稳健。

The S&P/TSX Composite Index rose 0.4% to close at 24,193 on Thursday, buoyed by strength in energy stocks, though lingering trade policy uncertainty kept broader sentiment cautious. Leading the gains were Canadian Natural, Suncor, Imperial Oil, and Cenovus, each rising between 2% and 3.7% as crude prices climbed in response to new U.S. sanctions on Iranian oil exports, stoking concerns over tightening global supply. Meanwhile, uncertainty over potential U.S. tariffs on copper, semiconductors, pharmaceuticals, and lumber persisted, with no official confirmation ahead of anticipated trade negotiations with Japan. Market nerves were further rattled by President Trump’s criticism of Fed Chair Powell, following Powell’s warning that tariffs could dampen growth and reaccelerate inflation. Still, the index ended the holiday-shortened week up 2.5%, marking a solid weekly performance despite geopolitical headwinds.

周四，标准普尔/多伦多证交所综合指数上涨约0.3%，收于24150点以上，能源生产商上涨支撑，尽管在关税的不确定性下，市场情绪仍然脆弱。加拿大天然气公司、森科尔公司、帝国石油公司和Cenovus等权重股领涨，涨幅在1.1%至2%之间，受益于美国对伊朗石油出口的新制裁加剧了对供应紧张的担忧后油价上涨。与此同时，贸易政策的不确定性依然存在——即使在美日谈判临近之际，对铜、半导体、药品和木材可能征收的关税仍未得到证实——特朗普总统对美联储主席鲍威尔的公开谴责进一步加剧了波动。鲍威尔曾警告说，关税可能会减缓经济增长并重新引发通货膨胀。该指数有望在假期缩短的一周结束时上涨约2.5%。

The S&P/TSX Composite Index rose around 0.3% to above the 24,150 mark on Thursday, supported by gains among energy producers, although sentiment remained fragile amid tariff uncertainties. Heavyweights Canadian Natural, Suncor, Imperial Oil, and Cenovus led the advance with gains between 1.1% and 2%, benefiting from rising oil prices after fresh US sanctions on Iran's oil exports fueled concerns of tighter supplies. Meanwhile, trade policy uncertainty lingered—possible tariffs on copper, semiconductors, pharmaceuticals and lumber remain unconfirmed even as US–Japan negotiations approach—and President Trump’s public rebuke of Fed Chair Powell, who had warned that tariffs could slow growth and reignite inflation, introduced further volatility. The index was on track to finish the holiday-shortened week with roughly a 2.5% gain.

CAD放弃了由加拿大大银行（Scotiabank）领涨的温和涨幅。加拿大丰业银行首席外汇策略师Shaun Osborne指出，加拿大央行周三暂停政策为加元（CAD）提供了小幅提振，但该货币对今天上午再次小幅走高，反映了美元（USD）的小幅上涨，使基金交易或多或少地超出了我们的公允价值估计（1.3881）。

CAD gives up mild gain led by steady BoC – Scotiabank.The Bank of Canada leaving policy on hold on Wednesday provided a minor boost for the Canadian Dollar (CAD) but the pair has nudged a little higher again this morning, reflecting minor gains in the US Dollar (USD), leaving funds trading more or less bang on our fair value estimate (1.3881), Scotiabank's Chief FX Strategist Shaun Osborne notes.