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Short interest in Canadian banks has risen to the highest level since the Lehman collapse, but one analyst doesn’t expect the bearish traders to stick around much longer.

The short interest ratio for Canadian banks, which looks at how long it would take short sellers to cover their positions if a stock begins to rise, has moved up to 10.1 trading days. Anything over five days is generally considered bearish. Compare that with major U.S. banks, where the ratio is only 1.3 trading days.

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“The increase in short interest for Canadian banks, we believe, has muted price-to-earnings multiple expansion and negatively impacted share price performance,” said Kevin Choquette, analyst at Scotiabank.

Traders are certainly showing a preference for shorting some Canadian banks over others. CIBC has seen short interest increase 72% year-over-year, followed by Royal Bank of Canada at 28%. TD was the only bank where short interest decreased in the past year, falling 10%.