With the Liberal party’s Prime Minister Carney winning Canada’s April 28th snap election, the U.S. - Canada trade war and tense relationship with President Trump may increase volatility in the Canadian market. The most shorted Canadian stocks are:
Canadian Short Interest
Ticker
SI % Float
Short Interest
TORONTO-DOMINION BANK
TD US
3.08%
$3,346,136,681
ROYAL BANK OF CANADA
RY US
1.26%
$2,096,193,357
CANADIAN NATURAL RESOURCES LTD
CNQ US
3.10%
$1,868,329,391
TORONTO-DOMINION BANK
TD CN
1.72%
$1,867,199,944
LULULEMON ATHLETICA INC
LULU US
6.54%
$1,841,885,637
SHOPIFY INC
SHOP US
1.56%
$1,830,764,930
MANULIFE FINANCIAL
MFC CN
3.36%
$1,748,494,742
ENBRIDGE INC
ENB CN
1.63%
$1,640,607,481
TC ENERGY CORP
TRP US
3.18%
$1,634,810,941
BANK OF NOVA SCOTIA
BNS US
2.48%
$1,507,684,442
TC ENERGY CORP
TRP CN
2.90%
$1,495,599,849
BANK OF MONTREAL
BMO CN
2.13%
$1,474,676,534
CIBC
CM CN
2.60%
$1,412,723,543
ENBRIDGE INC
ENB US
1.38%
$1,387,628,386
BANK OF NOVA SCOTIA
BNS CN
2.22%
$1,348,787,464
CIBC
CM US
2.41%
$1,311,880,565
BANK OF MONTREAL
BMO US
1.83%
$1,269,039,259
IMPERIAL OIL LTD
IMO US
10.78%
$1,149,109,707
ROYAL BANK OF CANADA
RY CN
0.65%
$1,083,201,238
BCE INC
BCE US
5.37%
$1,070,350,215
Total Short Interest
3.02%
$83,924,798,213
Over the last thirty days we saw Canadian short interest increase by $4.6 billion which consisted of $2.3 billion of increase short selling coupled wit ha $2.3 billion increase in the mark-to-market value of share shorted. There was a rotation in short exposure with Increased short selling in the Financials, Industrials, Information Technology and Materials sectors and short covering in the Energy and Consumer Discretionary sectors. Canadian short sellers are betting that financial stocks will be taking a hit in the upcoming tariff battle with energy stocks riding out the storm.
Sector
4/25/2025 Short Interest
Change Short Interest
Change Shares Shorted
Change MTM
Communication Services
$4,137,057,496
$142,376,467
($14,422,781)
$156,799,248
Consumer Discretionary
$4,659,082,201
$184,522,462
($383,966,000)
$568,488,462
Consumer Staples
$1,248,987,655
$97,959,018
$56,622,465
$41,336,553
Energy
$19,153,720,763
$786,324,399
($1,449,570,221)
$2,235,894,620
Financial Securities (ETFs)
$2,641,577,208
$137,616,921
($221,939,465)
$359,556,386
Financials
$24,523,261,992
$1,493,272,105
$2,121,697,534
($628,425,429)
Health Care
$877,156,993
$114,289,132
$38,075,525
$76,213,607
Industrials
$6,221,855,312
$266,775,296
$605,735,523
($338,960,227)
Information Technology
$5,512,827,938
$424,981,920
$576,914,492
($151,932,572)
Materials
$10,393,586,387
$470,334,317
$513,869,791
($43,535,474)
Misc. (SPACs)
$3,601
($1,222)
($1,600)
$378
Real Estate
$1,438,314,766
$157,835,324
$172,743,351
($14,908,027)
Utilities
$3,117,365,888
$332,703,884
$251,932,182
$80,771,702
Grand Total
$83,924,798,199
$4,608,990,021
$2,267,690,797
$2,341,299,224
The most shorted and most covered Canadian stocks over the last thirty days were:
Canadian Short Interest
Ticker
SI % Float
Short Interest
30D Ch Shs Shorted
TORONTO-DOMINION BANK
TD US
3.08%
$3,346,136,681
$1,583,728,527
ROYAL BANK OF CANADA
RY US
1.26%
$2,096,193,357
$1,201,081,928
BANK OF MONTREAL
BMO US
1.83%
$1,269,039,259
$573,952,030
MANULIFE FINANCIAL
MFC CN
3.36%
$1,748,494,742
$330,639,370
SHOPIFY INC
SHOP US
1.56%
$1,830,764,930
$298,301,741
ROYAL BANK OF CANADA
RY CN
0.65%
$1,083,201,238
$298,144,234
SHOPIFY INC
SHOP CN
0.60%
$705,662,104
$167,925,461
CANADIAN PACIFIC KANSAS CITY LTD
CP CN
0.60%
$406,134,353
$156,998,330
NATL BANK OF CANADA
NA CN
1.50%
$501,729,263
$151,487,372
ENBRIDGE INC
ENB US
1.38%
$1,387,628,386
$144,620,839
Canadian Short Interest
Ticker
SI % Float
Short Interest
30D Ch Shs Shorted
CANADIAN NATURAL RESOURCES LTD
CNQ US
3.10%
$1,868,329,391
($1,163,353,220)
CIBC
CM US
2.41%
$1,311,880,565
($974,008,086)
TC ENERGY CORP
TRP US
3.18%
$1,634,810,941
($825,314,538)
BANK OF NOVA SCOTIA
BNS US
2.48%
$1,507,684,442
($472,167,079)
TORONTO-DOMINION BANK
TD CN
1.72%
$1,867,199,944
($419,985,165)
PEMBINA PIPELINE CORP
PBA US
0.77%
$172,220,962
($381,874,207)
NUTRIEN LTD
NTR US
2.94%
$775,928,666
($349,035,826)
GREATWEST LIFECO INC
GWLIF US
1.30%
$135,139,018
($225,497,324)
RESTAURANT BRANDS INTL
QSR US
2.77%
$555,444,363
($202,786,510)
LULULEMON ATHLETICA INC
LULU US
6.54%
$1,841,885,637
($135,772,221)
Total Short Interest
3.02%
$83,924,798,213
$2,267,690,797
Shorting Canadian stocks had been a profitable trade prior to April with March year-to-date short-side profits of +$976 million, +1.3%. In April short sellers are down -$1.5 billion in month-to-date losses, -1.9%.
Canadian MTD MTM P\L
Ticker
Avg Short Interest
MTD MTM P\L
P\L %
CANADIAN NATURAL RESOURCES LTD
CNQ US
$1,964,373,227
$168,523,463
8.58%
LULULEMON ATHLETICA INC
LULU US
$1,766,459,925
$108,631,079
6.15%
CENOVUS ENERGY INC
CVE US
$408,708,222
$70,826,669
17.33%
OVINTIV INC
OVV US
$300,976,549
$69,927,131
23.23%
BCE INC
BCE US
$1,098,098,683
$64,611,944
5.88%
SUNCOR ENERGY INC
SU CN
$665,625,950
$59,774,092
8.98%
IMPERIAL OIL LTD
IMO US
$1,095,275,129
$58,514,370
5.34%
RESTAURANT BRANDS INTL
QSR US
$607,450,825
$41,740,740
6.87%
MANULIFE FINANCIAL
MFC CN
$1,531,288,406
$36,264,952
2.37%
MEG ENERGY CORP
MEGEF US
$181,981,009
$35,454,867
19.48%
Canadian MTD MTM P\L
Ticker
Avg Short Interest
MTD MTM P\L
P\L %
TORONTO-DOMINION BANK
TD US
$2,965,835,661
($157,195,634)
-5.30%
CIBC
CM US
$1,524,398,970
($111,969,770)
-7.35%
CIBC
CM CN
$1,311,881,533
($109,076,381)
-8.31%
ROYAL BANK OF CANADA
RY US
$1,810,740,756
($97,005,701)
-5.36%
AGNICO EAGLE MINES
AEM US
$836,904,265
($83,955,006)
-10.03%
TORONTO-DOMINION BANK
TD CN
$2,049,727,829
($81,794,066)
-3.99%
TC ENERGY CORP
TRP US
$2,153,453,577
($74,067,930)
-3.44%
ENBRIDGE INC
ENB CN
$1,518,244,836
($71,878,293)
-4.73%
TC ENERGY CORP
TRP CN
$1,468,207,074
($71,684,116)
-4.88%
DOLLARAMA INC
DLMAF US
$440,061,747
($62,133,205)
-14.12%
Total MTD MTM P\L
4986
$80,674,307,128
($1,531,910,395)
-1.90%
Canadian short sellers are now in the red and are down -$555 million in 2025 year-to-date mark-to-market losses, -0.7%.
Canadian YTD MTM P\L
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
LULULEMON ATHLETICA INC
LULU US
$2,041,203,002
$805,535,617
39.46%
BANK OF NOVA SCOTIA
BNS US
$1,538,928,707
$153,536,364
9.98%
SHOPIFY INC
SHOP US
$1,681,161,909
$148,972,474
8.86%
CAMECO CORP
CCJ US
$802,615,405
$135,544,011
16.89%
SUNCOR ENERGY
SU US
$746,977,770
$125,950,305
16.86%
BANK OF NOVA SCOTIA
BNS CN
$1,320,019,413
$124,518,885
9.43%
TILRAY BRANDS INC
TLRY US
$123,850,269
$123,547,650
99.76%
NEXGEN ENERGY LTD
NXE US
$351,728,874
$82,693,217
23.51%
BCE INC
BCE US
$1,091,701,833
$79,717,480
7.30%
MAGNA INTL INC
MGA US
$305,777,939
$67,101,046
21.94%
Canadian YTD MTM P\L
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
TORONTO-DOMINION BANK
TD CN
$2,430,108,841
($399,586,457)
-16.44%
TORONTO-DOMINION BANK
TD US
$1,631,868,491
($337,525,913)
-20.68%
AGNICO EAGLE MINES
AEM US
$605,192,533
($247,137,608)
-40.84%
ENBRIDGE INC
ENB CN
$1,428,503,514
($185,332,596)
-12.97%
FRANCONEVADA CORP
FNV US
$336,368,632
($120,599,656)
-35.85%
IMPERIAL OIL LTD
IMO US
$1,082,883,498
($112,829,271)
-10.42%
TC ENERGY CORP
TRP CN
$1,454,362,541
($97,113,790)
-6.68%
DOLLARAMA INC
DLMAF US
$353,209,490
($95,485,359)
-27.03%
WHEATON PRECIOUS METALS
WPM US
$261,112,469
($93,974,357)
-35.99%
TC ENERGY CORP
TRP US
$1,342,062,353
($92,606,236)
-6.90%
Total YTD MTM P\L
$75,826,267,726
($555,542,019)
-0.73%
Canadian short sellers may be looking at P/E levels in their sector rotation with Financials, Industrials and Info Tech trading above historical P/E average and Communication Services and Energy trading at below historical average P/E ratios. Selling the historically expensive and covering the historically cheap may be the trade during this tariff volatility.
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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.