Based on the last 12 Balance of Trade events in Japan, we expect a 159 pip movement on USDCAD for the next 48 hours. We expect USDCAD to trend upwards for 48 hours because the released value is < ¥-675B Historical events that allowed us to draw this conclusion

20 Oct 10:50	16 Sep 09:50
16 Jun 09:50	17 Mar 10:50
21 Jan 10:50	16 Dec 10:50

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).