Police say they were called to a home in a townhouse complex just after midnight and become involved in an altercation with a man.
The wounded officer was taken to a Cambridge hospital with non-life threatening stab wounds while the man shot by police was taken to a hospital in Hamilton.
Police also say a woman who was seriously injured prior to the arrive of police is also in a Hamilton hospital.
No names have yet been released.
The Special Investigations Unit has been called in, as it is whenever police are involved in incidents where someone has been killed, seriously injured or sexually assaulted.
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