Many Americans are already planning how they will spend the Memorial Day weekend with plenty cheering the fact that they do not have to work next Monday.

Prior to heading out for the long weekend, traders with a shorter time horizons may want to consider a trade with Canada exchange traded funds, such as the iShares MSCI Canada ETF (NYSEArca: EWC). In somewhat quiet fashion, EWC, by far the largest U.S.-listed Canada ETF, is up 6.5% this year compared to 3.7% gain for the SPDR S&P 500 ETF (NYSEArca: SPY). [Bieber Bounce for Canada ETFs]

EWC is also one of just 23 ETFs to make a new 52-high Thursday and that new high today may not be a coincidence.

“Canadian equity markets have a history of moving higher around the U.S. Memorial Day holiday, held on the last Monday of May. This year the holiday falls on May 26th, a week after the Victoria Day holiday in Canada,” write Don and Jon Vialoux for the Globe and Mail.

Canada’s benchmark TSX Index has generated positive returns on 18 of the past 24 Memorial Days, the duo write. The notion behind the trade is that although volume will likely be light in Canada next Monday, with U.S. markets closed and no major economic news due out of Canada, there is little to derail Canadian shares from moving higher.

As highlighted by EWC’s year-to-date performance, Canadian stocks have impressed to this point in the year. The resource-rich Canadian economy and equities there have benefited from a slumping currency as the CurrencyShares Canadian Dollar Trust (NYSEArca: FXC) is off 2.2% this year, providing a boost to oil and raw materials exporters. [Canadian Dollar ETF Weakens]

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