“Technically, the fund hasn’t traded north of $56 since last September, but was seen above $52 in late February. And while the shares are off 6.6% from their Jan. 25 year-to-date high of $54.65, they are holding above a key Fibonacci level, and are currently trading in their most bullish month of the year,” according to Schaeffer’s.

EWW has almost $900 million in assets under management, tracks the MSCI Mexico IMI 25/50 Index and holds 60 stocks. The ETF has a three-year standard deviation of 17.76% and a trailing 12-month dividend yield of 2.18%.

The peso is an important part of the Mexico investment thesis because exports account for over a third of GDP in Latin America’s second-largest economy. So are oil prices because Mexico is one of the largest non-OPEC producers in Latin America. However, oil output in Mexico is expected to decline this year.

For more information on the Mexican markets, visit our Mexico category.