NEW YORK (TheStreet) -- Here are five ETFs to watch this week.

iShares MSCI Canada Index Fund

(EWC) - Get Report

Sprinkled across the latter half of this week's earnings calendar are a handful of top Canadian banks. EWC, which sets aside nearly one-third of its index to the financial sector, will be heavily influenced by the performances and outlooks from institutions including the

Royal Bank of Canada

(RY) - Get Report

,

Toronto-Dominion Bank

(TD) - Get Report

,

Bank of Nova Scotia

(BNS) - Get Report

and

Canadian Imperial Bank of Commerce

(CM) - Get Report

.

Canada's markets have lagged compared to the U.S., as indicated by EWC's performance against the

SDPR S&P 500 ETF

(SPY) - Get Report

. Against fellow international developed markets, however, it has noticeably outperform over the past month.

Consumer Staples Select Sector SPDR

(XLP) - Get Report

With the start of the holiday shopping season, investors looking for exposure to consumers may be immediately drawn to discretionary stocks. However, in the face of the choppy action over the past few weeks, staples have proven to be a more reliable destination.

Last week,

on ETFProfits, I explained that, while consumer discretionary firms may hold up better than other cyclical stocks in the near term, macroeconomic headwinds threaten to stifle strength across all growth-correlated industries. The defensive nature of staples will likely make a fund like XLP an attractive destination for these wearied investors.

During the second half of the week, auto sales numbers are slated to be released, providing investors with additional clues as to the state of the consumer. Throughout the past few years, consumers have remained resilient despite persistent economic challenges.

iShares MSCI Germany Index Fund

(EWG) - Get Report

Those covering the European economic crisis have paid attention on the issues facing Italy, Greece and other particularly vulnerable members of the monetary bloc. Recently, however, shaky news has ignited concerns about the stronger countries of the region. For example, Germany drew investor ire during the middle of last week following news of its recent dismal bond auction.

The impact of Europe's economic woes is being felt across the euro-bloc. As I've explained on a number of occasions, this part of the developed world is not for the faint of heart.

iShares Silver Trust

(SLV) - Get Report

Precious metals have witnessed some choppy trading action over the past few weeks. Industry-linked players including silver and palladium have been especially prone to weakness as investors question the strength of the global growth picture.

Despite being a popular safe haven, gold has faced trials as it hovers around the $1,700 level. Looking to the days ahead, it will be interesting to see if global turbulence continues to weigh on physically backed products like

SPDR Gold Shares

(GLD) - Get Report

and

iShares Gold Trust

(IAU) - Get Report

.

iShares Dow Jones U.S. Broker-Dealer Index Fund

(IAI) - Get Report

The U.S. financial industry has been cast under a negative light as fearful investors question the level of exposure domestic banks have to the troubled eurozone. While broad-based funds like the

iShares Dow Jones U.S. Financial Sector Index Fund

(IYF) - Get Report

and the

Financial Select Sector SPDR

(XLF) - Get Report

have taken hits, their respective downturns are contained compared to the losses seen from IAI.

Boasting exposure to controversial names including

Morgan Stanley

(MS) - Get Report

and

Jefferies Group

(JEF) - Get Report

, IAI is a fund I would encourage investors to monitor from the sidelines.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust.