Based on past Canada Ivey PMI s.a news events there is a 80% chance of USDCAD trending downwards. We expect this to happen because the released value is > 56. A price movement of 59 pips is expected.

Historical events that allowed us to draw this conclusion

08 Apr 00:00	06 Mar 02:00
06 Feb 02:00	07 Nov 02:00

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