Based on the last 12 Balance of Trade events in Germany, we expect a $125 movement on USDCAD within 2 hours following the event release at 2022-10-05 17:00. We expect USDCAD to trend downwards 2 hours following the event release at 2022-10-05 17:00 if the released value is < €7.3B Historical events that allowed us to draw this conclusion

02 Sep 16:00	04 Jul 16:00
03 Jun 16:00	09 Feb 18:00
09 Nov 18:00	08 Oct 17:00

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