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Seeking Alpha

Short Attack On Canadian Banks Is Overblown

In the past months, a number of foul macroeconomic items have taken a toll on Canadian banks which has created a perfect storm for short sellers. The underlying fundamental issues associated to the Canadian economy include an overall slowdown in the Canadian economy, a devastating drop in oil prices,the plunging Canadian dollar, and the possibility of a housing implosion. It is in my opinion that none of these are significant direct threats for the large 6 Canadian banks which include: Canadian Imperial Bank of Commerce (NYSE:CM), Toronto-Dominion Bank of Canada (NYSE:TD), Bank of Nova Scotia (NYSE:BNS), Bank of Montreal (NYSE:BMO), Royal Bank of Canada (NYSE:RY) and National Bank of Canada (OTCPK:NTIOF). Secondary Canadian banks focused on commercial lending include Canadian Western Bank and Laurentian Bank of Canada (OTCPK:LRCDF). Read more