The S&P 500 briefly turned negative as the indecision ahead of the Fed begins.
USD/CAD has rebounded 50 pips from its one-year low of 0.9713. We could see a bounce all the way to 0.9850 without seriously damaging the downtrend. Expect strong offers at 0.9800 first.
Today, I think we’re seeing positions squaring on jitters ahead of the Fed alongside with Canadian businesses looking to hedge at a low rate.
