What does a one-way sign mean?
Traffic may travel in one direction only: the way the arrow points
A "One Way" sign means traffic may travel in one direction only: the direction the arrow points. Do not drive against the arrow.
Why the other answers are wrong
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Keep left of the traffic island
The traffic island sign tells you to pass to the right of the island, and it is about steering around an obstacle. This sign sets the direction of travel for the whole road.
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A left turn is required ahead
Signs that order a turn sit above the lane or are painted on the road before an intersection. This one reads ONE WAY, so the arrow shows traffic flow, not a required turn.
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Two-way traffic begins ahead
That is the opposite meaning, and warnings about traffic in both directions come on yellow diamond signs, like divided highway ends. A black sign reading ONE WAY allows one direction only.
Quick way to remember
Follow the arrow; traffic here flows just one way.
Based on the official Ontario MTO Driver's Handbook.
Reading it once is not enough
Drill this question in a scored round and find out what else you are shaky on.
Practise Road Signs: The Basics