The Canadian banks seemed to navigate the 2008-2009 financial crisis better than other banks. I remember one market observer saying that the Canadian banks did not get caught up in the subprime mess and that is why they fared better than their money center counter-parts to the south.
We're not sure why some of the Canadian banks look so vulnerable on the charts now, but Bank of Montreal (BMO) peaked a year ago, and it is now testing key support from the lows of 2011 and 2012 (see the chart below).
If you turned bearish on BMO last year, there were two good opportunities to sell or short BMO.
In December 2014, BMO broke below the still rising 200-day moving average. At the end of December, prices bounced toward the underside of the 200-day giving a nice selling opportunity. In May of this year, BMO had another bounce toward the underside of the 200-day MA, a second selling opportunity. With the trend still pointed down, we won't be too surprised by further losses to the $40 area, a two-thirds retracement of the advance from the 2009 low.