While we’ve been distracted by our own earnings hits and misses, Canadian stocks and related exchange traded funds are also pushing toward record highs on better-than-expected earnings results.

The iShares MSCI Canada ETF (NYSEArca: EWC) has increased 12.9% year-to-date, trading near its highest level in three years. Meanwhile, the First Trust Canada AlphaDEX Fund (NYSEArca: FCAN), which employs growth and value screens to select holdings, is up 6.7% so far this year.

The lower performance in FCAN may be attributed to its heavier allocation to falling energy prices. The energy sector makes up 40.3% of the fund’s portfolio. In contrast, EWC tilts toward financials at 37.1%, followed by energy 25.6%.

The Standard & Poor’s/TSX Composite Index traded as high as 15,495.47 Tuesday and closed at a record high on July 25, reports Eric Lam for Bloomberg. [Canadian Dollar ETF Strengthens on Rate Bets as Inflation Rises]

“We’re going to keep bouncing along here until something upsets the apple cart,” David Cockfield, managing director and portfolio manager at Northland Wealth Management, said in a Reuters article. “There’s still money on the sidelines that seems to be coming in.”

However, valuations seem a little pricey, with the equity index hovering around 21.2 times earnings, the highest level since 2010. EWC shows a price-to-earnings ratio of 16.8, FCAN has a P/E of 17.1 and QCAN has a P/E of 15.7.

Canadian shares were strengthening on WestJet Airlines (WJA) and Norbord (NBD) earning beats

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