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

United States Gasoline Fund

(UGA) - Get Report

For months, Europe has commanded investor attention and dominated market-related discourse. With Greece at last gaining approval for its sought-after bailout funding, however, the region's debt woes seem to have suddenly fallen off the radar. In its place, rising fuel prices have taken center stage.

It is not unusual to see crude oil prices increase during improving market conditions. The rally, however, has been magnified as tensions mount with Iran and the global markets express concerns about a supply shock. Although pump prices have only recently begun stealing headlines, the futures-backed UGA has been on a tear throughout 2012, rising over 15%. The fund is flirting with last year's highs.

iShares MSCI Canada Index Fund

(EWC) - Get Report

Wal-Mart

(WMT) - Get Report

marked the ceremonious end to earnings season, but this week's schedule is far from clear. On the contrary, a variety of companies across the market spectrum will step up to the plate to provide insight into how they fared over the past quarter and lay out their expectations for the coming months.

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The Canadian financial system will be of particular interest in the days ahead as

Toronto-Dominion Bank

(TD) - Get Report

,

Royal Bank of Canada

(RY) - Get Report

,

Bank of Montreal

(BMO) - Get Report

and National Bank of Canada release reports. Banking institutions play a major role in driving EWC's action, with the financial sector accounting for nearly a third of the fund's portfolio.

In addition to the earnings-related action, Canada is also slated to release its quarterly GDP report at the end of the week.

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report

Natural gas has become wildly popular as investors have attempted to position their portfolio to benefit from rising energy prices. While this uptick in popularity is encouraging for those who have watch funds like the

United States Natural Gas Fund

(UNG) - Get Report

tumble for years, the reversal in sentiment has produced new challenges for some products.

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The futures-tracking GAZ ETN has quickly become too big for its britches. With investors piling into the product, it has broken away from its underlying assets, resulting in a staggering premium that reached as high as 80% during the start of last week. It has since fallen considerably, but investors should still steer clear. Those left holding the fund when the premium is wiped out will be in for a gut-wrenching ride.

iShares Gold Trust

(IAU) - Get Report

With investors and market commentators focused on crude oil and other energy-related commodities, gold has managed to stage a stealth rally, breaking to new 2012 highs and flirting with levels last seen in November.

Although we have enjoyed some solid signs of improvement here at home, we are far from out of the woods. With Europe still working to resolve its ongoing sovereign debt crisis, and rising fuel costs threatening to cripple growth, there are plenty of reasons to maintain exposure to safe haven asset classes. Keep funds like IAU on the radar.

Market Vectors India Small Cap Index ETF

(SCIF) - Get Report

In the first seven weeks of 2012, the small cap India ETF pushed higher on all but five trading days, ascending through its 50- and 200-day moving averages. The rally appears to have lost some steam recently, however, and the fund has retreated.

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Given the speed and magnitude of SCIF's ascension, it is not surprising to see the fund taking a breather. However, aggressive investors tempted to test these waters may want to hold off until the high-flying product finds some stable ground.

Written by Don Dion in Williamstown, Mass.

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