PROSPECTUS SUPPLEMENT                           REGISTRATION NO.  333-63924
(To Prospectus dated March 23, 2005)            Filed Pursuant to Rule 424(b)(3)


                       [HOLDERS(SM) CANADIAN PACIFIC LOGO]


                         300,000,000 Depositary Receipts
                          CP HOLDRSSM Deposit Facility


     This prospectus supplement supplements information contained in the
prospectus dated March 23, 2005, relating to the sale of up to 300,000,000
depositary receipts by the CP HOLDRSSM Deposit Facility.

     The name, ticker symbol, share amounts and primary trading market of each
company represented by a round-lot of 100 CP HOLDRS is as follows:

                                                           Primary
                                                  Share    Trading
          Name of Company              Ticker    Amounts   Market
- ------------------------------------   -------   -------   -------
    EnCana Corporation                   ECA       136.8    NYSE
    Fording Canadian Coal Trust          FDG        49.8    NYSE
    Canadian Pacific Railway Company     CP           50    NYSE

     The share amounts listed in the table above reflect all previous stock
splits, dividends and business combination transactions.

          The date of this prospectus supplement is December 31, 2006.