Based on the last 12 Balance of Trade events in Germany, we expect a $484.243 movement on USDCAD within 48 hours following the event release at 09 Nov 18:00. We expect USDCAD to trend upwards 48 hours following the event release at 09 Nov 18:00 if the released value is < €19.9B Historical events that allowed us to draw this conclusion

08 Sep 16:00	09 Jul 16:00
09 Jun 16:00	09 Jan 18:00

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