MILAN — Since women’s hockey was introduced as an Olympic sport in 1998, the only two teams that have won gold are the United States and Canada.

That will remain true this year. The rest of the world is starting to catch up, with emerging programs from Sweden, Czechia and even Switzerland, which made a surprising semifinal run. However, the North Americans remain the gold standard on the international stage.

Canadian women have won five of the seven Olympic gold medals, and they’re the reigning champions after a 3-2 win over the U.S. in the 2022 Games in Beijing. But there’s a new twist this cycle: Team USA is the overwhelming favorite. The U.S. owned Canada in a four-game Rivalry Series leading up to the Games and have been a powerhouse here in Milan, beating Canada 5-0 in round-robin play. But dynamics can change anytime there’s a gold medal on the line.

“Knowing the pressure of that moment, the energy in the building, it’s going to be different,” said U.S. veteran Kendall Coyne Schofield, who has already played in three Olympic gold-medal matches. “But really it’s just about emptying the tank. Whatever you have left. It’s a long tournament, just empty it. Go out there and give it your best. That’s all you can do.”

Here’s what that might look like when the teams face off on Thursday at 1:10 p.m. ET.

How did each team get here?

The U.S. women have absolutely dominated in Milan. They have outscored opponents 31-1, scoring at least five goals in every game. Team USA enters the final with five straight shutouts — including its beatdown of Canada last week.

Coach John Wroblewski has preached the importance of rolling four lines since before the tournament, and he has been able to achieve that so far. The Americans have received contributions from everyone. Fifteen different players have scored goals. Veterans like Alex Carpenter and Coyne Schofield have three goals each. Rising stars Laila Edwards and Caroline Harvey lead skaters in ice time and have a combined for 16 points. The most dynamic line has been the one featuring Olympic rookies Hannah Bilka, Taylor Heise and Abbey Murphy.

Hayley Scamurra, a 31-year-old veteran who has been on six World Championship teams, isn’t afraid to say it: This is the best team she has ever been on. “Oh yeah,” Scamurra said after the U.S.’s 5-0 semifinal win over Sweden. “100 percent.”

Canada, meanwhile, decided to take a much older team to Milan. Coach Troy Ryan often relies on players he’s comfortable with. They returned 16 players who helped them win gold in Beijing, but left home some of their ascending talent — which has become a topic of discussion after Canada looked much slower against the United States the first time around. In that game, each of Team USA’s four goal scorers would have been the youngest players on Team Canada.

However, the Canadians were without captain Marie-Philip Poulin, who missed the game with a right knee injury. Poulin is back and dragging her team along into the fight. The Canadians didn’t have much trouble against anyone else, until their semifinal game against Switzerland. Despite outshooting the Swiss 46-8, Canada won by a slim 2-1 margin. Both goals came in the second period from Poulin. She is clearly gutting through the injury (the broadcast has showed Poulin getting carted from the locker rooms to the ice to avoid putting additional pressure on her knee). There’s a reason they call the 34-year-old Captain Clutch.

Player for each team who has impressed the most so far

Get ready for Caroline Harvey to become a household name. She has already been hyped up by Matthew Tkachuk, who said she reminds him of Bobby Orr. “That was crazy,” said Harvey, who wears No. 4, but said it is just coincidentally the same number as the Hall of Fame defenseman.

Harvey, a senior at Wisconsin, is noticeable all over the ice, covering a ton of ground with her skating. The PWHL has never seen a draft class like the one coming this June. In any other year, Edwards or Murphy might be the clear-cut No. 1, but as of now, Harvey is the consensus pick. Another player expected to go high in the draft is Tessa Janecke, who has put up five assists in six games in a fourth-line role.

Poulin was most impressive for Canada when her team needed her the most in the semifinals, but that’s nothing new. Her two goals vs. Switzerland gave her 20 in her Olympic career, breaking a tie with countrywoman Hayley Wickenheiser (18) for the most in women’s hockey.

Perhaps the most compelling story for Canada is the reemergence of Daryl Watts. The forward’s talent was never in doubt; she won the Patty Kazmaier Award as college hockey’s best player in 2018 as a freshman. But when she was left off Canada’s 2022 roster, she quit hockey for nearly a year and pursued a career in commercial real estate. Now she’s back in pro hockey and shining for Canada. Watts assisted on both of Poulin’s goals against Switzerland and has eight points in the tournament.

Biggest question mark for each team heading into this game?

For the Americans: Have they been tested enough?

So far, they’ve crushed the competition. When the players were posed that question after demolishing Sweden, Edwards had a reasoned response: “Believe it or not, we have been challenged. We’ve just overcome it and succeeded.”

After all, they can only play the competition in front of them. Veteran defenseman Cayla Barnes explained why the U.S. has been able to come out on top in so many of these games: “It’s a testament to the pressure we put on teams. We’re relentless. We do a good job of wearing teams down.”

For Canada, the question is simply: Can it keep up with its biggest rival?

Everyone is expecting this game to be much more competitive than the group-stage meeting, in which Canada looked less determined, less connected and slower. Again, when gold is on the line, everyone has the ability to play the game of their life. All of the players who scored (Poulin and Sarah Nurse) or assisted (Claire Thompson, Brianne Jenner) for Canada in the 2022 gold-medal game are still on the roster.

As U.S. captain Hilary Knight said of Canada: “That’s a battle-tested team.”

The U.S. will win if __

It maintains its identity, which Scamurra described as “a calm confidence.” The U.S. has a spark plug in Murphy, who entered these Olympics leading college hockey in both goals and penalty minutes. The win over Sweden was a microcosm of Murphy’s duality. She roofed a gorgeous goal at the 15:12 mark of the second period, and a few minutes later got called for interference for taking out the Sweden goalie behind the net.

Murphy has been one of the most effective players on this roster. Through the Americans’ quarterfinal win against Italy, Murphy led all U.S. players in drawing nine penalties. The next closest player on her team drew only two.

Teams are trying to get under the United States’ skin. According to the players, Knight had a talk with them during the Italy game to not lose focus. Play their game, don’t do dumb things, and it’s their gold to win.

Canada will win if __

Goalie Ann-Renée Desbiens locks in. Poulin can only do so much on her own. She’ll need more help from her teammates. But realistically, a team is always at risk of getting stonewalled by the opposing goalie. Desbiens didn’t get much action against Switzerland, allowing one goal on eight shots.

It’s not even a guarantee she starts; Emerance Maschmeyer could also get the call. Both are veteran goalies who also play in the PWHL. Maschmeyer is coming off an injury from earlier in the season, while Desbiens was on a heater before the Olympics. That likely tips the scales for Desbiens as the starter, and we know she has the capabilities. But the best goalies in this tournament so far have been Americans. Aerin Frankel has had a spectacular tournament, with a .985 save percentage in five games, while Gwyneth Philips was strong in stopping 20 shots for a shutout in her lone start. The Canadians need a similar performance in net.