加元/瑞郎 (CADCHF) 加自选

在一系列强劲的劳动力市场数据中，加元兑美元汇率从11月6日的7个月高点1.412反弹至1.405。10月份的失业率从上个月的7.1%的四年高点降至6.9%，这得益于就业意外激增和失业率下降。此外，工资增长意外升至4%的八个月高点，远高于最新的通胀指标。这一结果巩固了这样一种观点，即加拿大央行可能已经完成了上次会议的降息周期，正如政策制定者所暗示的那样，如果他们的基本情况成立，因为经济已被证明对美国关税相对强劲，基本通胀措施仍远高于目标。最新数据显示，上个月，中国银行首选的潜在通胀指标——削减后的平均核心通胀率升至2024年2月以来的最高水平。相反，美国劳动力市场的悲观数据削弱了美元。

The Canadian dollar appreciated toward 1.405 per USD, rebounding from the seven-month high of 1.412 on November 6th amid a batch of strong labor market data. The unemployment rate fell to 6.9% in October from the four-year high of 7.1% in the previous month, supported by an unexpected surge in employment and a drop in unemployment. Additionally, wage growth unexpectedly rose to an eight-month high of 4%, well above the latest inflation gauges. The results consolidated the view that the Bank of Canada is likely to have finished its rate cutting cycle last meeting, as signaled by policymakers should their base case hold, as the economy has proven relatively robust to US tariffs and underlying inflation measures remain well above target. The latest data showed that trimmed-mean core inflation rate, the BoC's preferred gauge of underlying inflation, rose to the highest level since February of 2024 last month. Conversely, pessimistic data for the US labor market weakened the US dollar.

周五，标准普尔/多伦多证交所综合指数上涨0.5%以上，至30000以下，投资者评估了企业盈利和强劲的劳动力数据，这可能会结束加拿大银行的降息。失业率意外降至6.9%，而就业人数激增，进一步表明中国央行的宽松周期已经结束。与此同时，Enbridge在公布每股收益0.46加元后下跌1.6%，低于0.54加元的预期。尽管收入稳健，Shopify股价下跌3.9%，毛利率降至48.9%，但该股仍保持“适度买入”评级。与此同时，Constellation Software在今天的业绩公布前下跌了0.4%，预计收入和收益会更高。相比之下，Wheaton Precious Metals上涨2.5%，尽管第三季度每股收益0.62美元略低于预期，而收入达到4.763亿美元，而预期为4.926亿美元。

The S&P/TSX Composite more than 0.5% to below 30,000 on Friday as investors assessed corporate earnings and strong labor data, which could end the Bank of Canada’s rate cuts. The unemployment rate unexpectedly dropped to 6.9%, while employment surged, reinforcing signs the BoC’s easing cycle is over. Meanwhile, Enbridge lost 1.6% after reporting EPS of C$0.46, below forecasts of C$0.54. Shopify fell 3.9% despite solid revenues, as its gross margin slipped to 48.9%, yet the stock retains a “Moderate Buy” rating. At the same time, Constellation Software lost 0.4% ahead of today’s results, with higher revenue and earnings expected. In contrast, Wheaton Precious Metals gained 2.5% even though Q3 EPS of $0.62 came slightly below estimates, while revenue reached $476.3 million versus $492.6 million expected.

加拿大就业率飙升——CAD领先。在历史上最长的美国政府停摆期间，由于缺乏关键的美国劳工数据（这无疑开始影响市场情绪，看看本周的股市！），北方邻国加拿大仍然能够给交易员带来惊喜。

Canadian Employment Shoots Higher – CAD Takes the Lead.Amid the absence of key US labor data during the longest US government shutdown in history (which has undoubtedly started to weigh on market sentiment, look at stocks this week!), the northern neighbor Canada was still able to deliver a surprise to traders.

加拿大10年期政府债券收益率升至3.18%，为2025年10月以来的最高水平。在过去的4周里，加拿大10年期债券收益率下降了1.40个基点，在过去的12个月里，它下降了0.30个基点。

Canada 10 Year Government Bond Yield increased to 3.18%, the highest since October 2025. Over the past 4 weeks, Canada 10Y Bond Yield lost 1.40 basis points, and in the last 12 months, it decreased 0.30 basis points.