Based on the last 12 Industrial Production YoY events in Euro Area, we expect USDCAD to trend downwards later today. Based on these past events there is a 80% chance of this. This may happen if the released value is > 10.4%

Historical events that allowed us to draw this conclusion

12 Mar 21:00	13 Jan 21:00
14 Dec 21:00	14 Sep 19:00

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