Based on the last 12 Ifo Business Climate events in Germany, we expect a $512.304 movement on USDCAD within the next 12 hours. We expect USDCAD to trend downwards for the next 12 hours because the released value is < 98.9 Historical events that allowed us to draw this conclusion

25 Aug 18:00	26 Jul 18:00
26 Apr 18:00	24 Sep 18:00

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