For investors seeking momentum, iShares MSCI Canada ETF (EWC Quick QuoteEWC - Free Report) is probably on their radar now. The fund just hit a 52-week high and is up about 49.4% from its 52-week low price of $18.07/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

EWC in Focus    

This product offers exposure to the large and mid-cap companies in Canada by tracking the MSCI Canada index. Financials, energy and materials are the top three sectors of the fund with combined weight of more than 75%. The fund charges 0.49% in expense ratio (see: Canadian Equity ETFs here).

Why the Move?

This Canadian ETF has been picking up momentum recently as oil prices received a boost on the new output deal. In order to reduce oversupply and jack up prices, non OPEC members have also agreed to cut their output by 558,000 barrels a day. Earlier, on November 30, the much-awaited deal on output cut was signed by the OPEC, per which it will slash production by about 1.2 million barrels a day from January.

More Gains Ahead?

It seems that EWC might continue with its strength given a high weighted alpha of 25.50%. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.

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