Based on the last 12 Ifo Business Climate events in Germany, we expect a 25 pip movement on USDCAD within 48 hours following the event release at 25 May 18:00 GMT+10. We expect USDCAD to trend downwards 48 hours following the event release at 25 May 18:00 GMT+10 if the released value is > 78.3

Historical events that allowed us to draw this conclusion

18 Dec 20:00	25 Oct 19:00
24 Sep 18:00	24 Jun 18:00

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