(QCN) Mackenzie Canadian Equity - Ratings and Ratios

The Mackenzie Canadian Equity Index ETF (TO:QCN) is an exchange-traded fund that tracks the Morningstar Canada Gross Return CAD Index, providing broad exposure to the Canadian equity market. As a passively managed fund, it aims to replicate the performance of its underlying index, comprising a diverse range of Canadian stocks.

With Assets Under Management (AUM) of approximately CAD 1.836 billion, the fund has established a significant presence in the Canadian ETF market. Its size and liquidity make it an attractive option for investors seeking to gain exposure to the Canadian equity market.

Analyzing the funds recent price action, we observe that it has been trending upwards, with its current price of CAD 162.60 being at a 52-week high. The short-term (20-day) Simple Moving Average (SMA) stands at 160.38, while the longer-term (50-day and 200-day) SMAs are at 153.72 and 150.32, respectively. This indicates a positive momentum, with the shorter-term SMA above the longer-term SMAs, suggesting a potential continuation of the uptrend.

Using the Average True Range (ATR) of 0.82, representing a 0.50% daily price range, we can infer that the funds price is experiencing relatively low volatility. This, combined with the upward trend, may indicate a stable and potentially profitable investment opportunity.

Forecasting future performance based on the available technical and fundamental data, we anticipate that the Mackenzie Canadian Equity Index ETF will continue its upward trend, potentially reaching a price of CAD 170-175 in the near term, driven by the overall positive momentum in the Canadian equity market. However, it is essential to monitor the funds performance and adjust expectations accordingly, as market conditions can change rapidly.