As Canada-U.S. trade tensions evolve, advisors need observable signals—not forecasts—to distinguish ordinary market volatility from a meaningful shift in market conditions. Three relationships offer a disciplined framework for doing so: CAD/USD, the TSX versus the S&P 500, and Canadian small caps versus large caps. By focusing on specific levels and changes in relative strength, investors can let the market reveal when tariff-driven risks are becoming significant rather than trying to predict what happens next.