We expect USDCAD to trend upwards later today. Based on these past Euro Area Industrial Production YoY news events there is a 75% chance of this. We expect this to happen if the released value is > 1.5%. A price movement of 82 pips is expected.

Historical events that allowed us to draw this conclusion

15 Mar 21:00	13 Jan 21:00
12 Oct 20:00	12 Aug 19:00
13 Jul 19:00	13 May 19:00

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