The Canadian Term Spread and the Case of the Missing 2024 Recession
Published . Updated .
This report is about Canada.
Directly affected
- No company is named in this report.
Indirectly affected
- EWC iShares MSCI Canada ETF+0.2% 30d
iShares MSCI Canada ETF holds stocks listed in Canada, which this story is about (“canadian”).
- RY Royal Bank of Canada
Royal Bank of Canada (commercial banks) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares.
- BNS The Bank of Nova Scotia
The Bank of Nova Scotia (state commercial banks) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares.
- ENB Enbridge+1.6% 30d
Enbridge (pipe lines (no natural gas)) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares.
- SU Suncor Energy
Suncor Energy (petroleum refining) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| EWC | +0.00% | +0.12% | base | after close | after close | after close | after close |
| RY | -1.74% | -0.34% | base | after close | after close | after close | after close |
| BNS | -1.08% | +0.10% | base | after close | after close | after close | after close |
| ENB | -0.79% | -0.52% | base | after close | after close | after close | after close |
| SU | -1.35% | -2.63% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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The Canadian Term Spread and the Case of the Missing 2024 Recession Econbrowser
Source: Econbrowser
The price since 26 Oct 2026: Ishares Msci Canada Etf (EWC) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Bank Of Nova Scotia (BNS) | three days earlier | +0.10% | final price |
| Bank Of Nova Scotia (BNS) | five days earlier | -1.08% | final price |
| Enbridge (ENB) | three days earlier | -0.52% | final price |
| Enbridge (ENB) | five days earlier | -0.79% | final price |
| Ishares Msci Canada Etf (EWC) | three days earlier | +0.12% | final price |
| Ishares Msci Canada Etf (EWC) | five days earlier | 0.00% | final price |
| Royal Bank Of Canada (RY) | three days earlier | -0.34% | final price |
| Royal Bank Of Canada (RY) | five days earlier | -1.74% | final price |
| Suncor Energy (SU) | three days earlier | -2.63% | final price |
| Suncor Energy (SU) | five days earlier | -1.35% | final price |
Congressional stock trades in Ishares Msci Canada Etf (EWC)
- Rep. Sheri Biggs bought Bank Of Nova Scotia (BNS) (held by a spouse), worth $500,001 - $1,000,000 on 1 Sep 2026. That is 55 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Sheri Biggs sold Bank Of Nova Scotia (BNS) (held by a spouse), worth $500,001 - $1,000,000 on 19 Aug 2026. That is 68 days before publication. Filed 22 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares Msci Canada Etf (EWC)
Companies tied to this story
- EWC Ishares Msci Canada Etf
For “The Canadian Term Spread and the Case of the Missing 2024 Recession,” Ishares Msci Canada Etf (EWC) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Canada ETF holds stocks listed in Canada, which this story is about (“canadian”)
- RY Royal Bank Of Canada
In “The Canadian Term Spread and the Case of the Missing 2024 Recession,” Royal Bank Of Canada (RY) is linked, with no stored direction, medium confidence. Reason on file: Royal Bank of Canada (commercial banks) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares
- BNS Bank Of Nova Scotia
In “The Canadian Term Spread and the Case of the Missing 2024 Recession,” Bank Of Nova Scotia (BNS) is linked, with no stored direction, medium confidence. Reason on file: The Bank of Nova Scotia (state commercial banks) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares
- ENB Enbridge
For “The Canadian Term Spread and the Case of the Missing 2024 Recession,” Enbridge (ENB) is linked, with no stored direction, medium confidence. Reason on file: Enbridge (pipe lines (no natural gas)) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares
- SU Suncor Energy
In “The Canadian Term Spread and the Case of the Missing 2024 Recession,” Suncor Energy (SU) is linked, with no stored direction, medium confidence. Reason on file: Suncor Energy (petroleum refining) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares
Ishares Msci Canada Etf (EWC)
On 26 Oct 2026, “The Canadian Term Spread and the Case of the Missing 2024 Recession” is the story that connects Ishares Msci Canada Etf (EWC) to this story.
What ties Ishares Msci Canada Etf (EWC) to the headline is this: iShares MSCI Canada ETF holds stocks listed in Canada, which this story is about (“canadian”)
A second company, Royal Bank Of Canada (RY), is listed for a different reason: Royal Bank of Canada (commercial banks) is one of the largest Canada-based companies traded in the US, so news about Canada (“canadian”) reaches its shares
Dates and price levels for Ishares Msci Canada Etf (EWC)
EWC traded between 57.74 and 61.45 across 20 sessions. The latest close on file is 60.63.
What the saved facts support for Ishares Msci Canada Etf (EWC)
40 out of 100
“The Canadian Term Spread and the Case of the Missing 2024 Recession” scores 40 out of 100. The score uses 1 sources, and 5 linked companies.