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A year ago, slumping commodity prices and fears of a housing bubble were casting a shadow over Canada’s biggest banks.

Bearish analysts slashed target prices and estimates, and noted positive earnings growth over the next year would be unlikely.

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As the old saying goes, hindsight is 20-20.

What followed instead was one of the strongest 12-month rallies by big Canadian banks in recent memory.

In the “exceptional” run since last February — when the stock market was still languishing following a January sell-off — shares of Canada’s Big Six are up an average of 37 per cent, including a gain of more than 17 per cent since the U.S. election on Nov. 8.

National Bank has seen the largest one-year jump at more than 51 per cent, while Scotiabank leads the Big Five with a gain of more than 45 per cent.