We expect a 34 pip movement on USDCAD within 2 hours following the event release.

Based on the last 12 BoC Interest Rate Decision events in Canada, we expect a 34 pip movement on USDCAD within 2 hours following the event release at 10 Jul 14:00 UTC. We expect USDCAD to trend upwards 2 hours following the event release at 10 Jul 14:00 UTC if the released value is = 1.75%

Historical events that allowed us to draw this conclusion

29 May 14:00
06 Mar 15:00
09 Jan 15:00
05 Dec 15:00
05 Sep 14:00
11 Jul 14:00
18 Apr 14:00
07 Mar 15:00

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

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