Other Canada ETFs include the First Trust Canada AlphaDEX Fund (NYSEArca: FCAN), SPDR MSCI Canada Quality Mix ETF (NYSEArca: QCAN) Guggenheim Canadian Energy Income Fund (NYSEArca: ENY) and the IndexIQ Canada Small Cap ETF (NYSEArca: CNDA).

The CurrencyShares Canadian Dollar Trust (NYSE: FXC). FXC, which tracks the movements of the loonie against the U.S. dollar, has also recently been solid among developed market currency ETFs.

Canada’s oil production could either lift or weigh on the economy, depending on the energy market. Additionally, as we hear more about droughts and dry weather conditions, Canada’s freshwater reserves, which account for 20% of the world’s freshwater, could come into play.

“Erin Gibbs, chief investment officer at S&P Global, not only likes the current valuations of Canadian stocks, but thanks to the heavier weighting of energy and materials on the index another rally could be on the way. More specifically, Gibbs believes that if the U.S. and Canada move ahead with the construction of the hotly debated Keystone Pipeline, the heavier weighting of energy and materials stocks on the TSX composite could pull the market even higher,” according to CNBC.