QQCL.TO is a Canadian-listed ETF that tracks the Nasdaq 100 index, but it hedges currency risk. Constituent Stock Performance: The primary driver is the performance of the underlying stocks in the Nasdaq 100. If companies like Apple, Microsoft, Amazon, etc., perform well, QQCL.TO's price will likely rise. Currency Fluctuations: Although hedged, currency hedging is not perfect. Fluctuations in the CAD/USD exchange rate can still have a slight impact, especially if hedging mechanisms aren't fully effective. Interest Rates: Interest rate changes, both in Canada and the US, can influence investor sentiment and overall market valuations, indirectly impacting QQCL.TO. Market Sentiment: General market optimism or pessimism affects stock valuations. Fear and uncertainty can drive down prices, while strong economic growth fosters positive sentiment. ETF Supply and Demand: Increased demand for QQCL.TO can drive its price up, while higher selling pressure pushes it down. Creation and redemption activities of ETF shares affect supply. Hedging Costs: The cost of currency hedging can affect the ETF's overall expense ratio and slightly influence its relative performance compared to an unhedged equivalent. Economic Data: Significant economic releases, such as inflation reports, GDP figures, and employment data in both Canada and the US, can influence market sentiment.