Therefore, nobody wants to buy US based commodity assets. On the other hand, Canadian commodity companies provide much better ROE. That is why from China to Korea, the state-owned firms are looking for investment opportunities in Canada (Teck and Harvest energy are good examples). And I think the trend will continue and eventually increase the value of a lot of commodity companies in Canada. Also commodity is Canadian's specialty and the capital market is much better here thanks to our conservative banking system.
Today the market goes down on good news (Home sales number) and that is not a good sign. The next catalyst is next Thursday's GDP number. I would not go short here but still think it is a bit early to open more long positions. My 2 cents.