Wednesday's FOMC decision will be a major market mover and could deepen the wounds in financial markets but there's also reason to think that much of the worst is priced in. The US dollar has been extraordinarily strong and is near multi-decade highs on a number of fronts. Could that turn on the FOMC decision?

I also spoke about how there's a gap opening up between Canadian and US interest rates and why the loonie will be vulnerable in the months ahead.