EWZ pushing 34 — thoughts on Brazil heading into elections?

Seems like $EWZ is making a move, currently at 33.93 and holding up well today after testing that 33.44 low. Volume's decent. The interesting part is how it's grinding higher despite the political noise picking up south of the equator. Are we seeing real long-term capital coming in, or is this just a speculative bounce on commodity prices, with the actual election outcome a coin flip for stability? My read is that the market's pricing in some form of continuity, or at least isn't spooked enough by the potential for radical shifts. Feels like a precarious rally. Anyone else seeing something different? Push back if you think I'm off base.