We expect USDCAD to trend downwards later today. Based on these past United States Philadelphia Fed Manufacturing Index news events there is a 66.67% chance of this. We expect this to happen if the released value is < 31. A price movement of 47 pips is expected. Historical events that allowed us to draw this conclusion

20 May 22:30

20 Aug 22:30

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