Based on the last 12 Ifo Business Climate events in Germany, we expect a 10 pip movement on USDCAD within 2 hours following the event release at 25 Apr 08:00 UTC. We expect USDCAD to trend downwards 2 hours following the event release at 25 Apr 08:00 UTC if the released value is > 89.1

Historical events that allowed us to draw this conclusion

22 Feb 09:00

25 Jan 09:00

24 Jun 08:00

26 Mar 09:00