iShares MSCI Canada ETF is upgraded to a buy, leveraging strong momentum, compelling valuation, and technical strength despite a technical recession in Canada. EWC trades at a low 16.4x P/E with a 15.5% long-term earnings growth rate, yielding an attractive PEG ratio just above 1. The ETF's heavy Financials, Materials, and Energy exposure, plus favorable interest policy and metals momentum, underpin its outperformance versus the S&P 500.