A reasonable comparable to HVU.TO has to be the UVXY volatility ETF. One thing that I found was not being able to make a competent analysis of volatility ETF pricing, and that the research on them is very vague. Voltility ETFs are perhaps vapourware, but they are a lquid resource available to hedge against market declines.
So in the event that there is no correction in the markets, and this is an outside call to deem the markets vulnerable to a correction greater than 10%, there would be no purpose at all to the volatility ETF.
What you would be looking for would be a test of the 34-day EMA and a return to the 13-day EMA. What might then follow is a moving average crossover in the event of a major correction. The moving averages are so far apart, this just seems out of the question.
But the $VIX index has already positioned for a major correction, and the ETFs have remained at the lows, treading water. The obvious pointer to shorting fatigue in volatility ETFs is the massive volume in these units.
Price is an issue and serious due dilligence will be required to obtain the price low on the hourly charts, while an indication to a major correction will be the moving average crossover on the daily chart.