For a hedged play on iShares Canada Index MSCI (EWC)'s patented trade-picking algorithms recommend the Jun. '15 $27.00 covered call for a net debit in the $25.94 area. That is also the break-even price for the covered call. This trade will return 4.09%, or 10.50% annualized (for comparison purposes only), in 142 days. This covered call also provides 5.29% downside protection.

The current 52-week low is $26.41 and the 52-week high is $33.11. EWC has been showing support around $26.89 and resistance in the $27.69 range. The ETF closed Tuesday's trading session at $27.39 and recent technical indicators for the fund are bearish.