Based on the last 12 Inflation Rate YoY Prel events in Germany, we expect a 161 pip movement on USDCAD within 48 hours following the event release at 2023-05-31 22:00. We expect USDCAD to trend downwards 48 hours following the event release at 2023-05-31 22:00 if the released value is < 6.5% Historical events that allowed us to draw this conclusion

28 Apr 22:00	09 Feb 18:00
04 Jan 00:00	30 Nov 00:00

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