US dollar under pressure
You know it's a special day when USD/CAD is lower despite a fall in oil prices.
The recent correlations have been swamped by independent pressure on the US dollar ahead of the Fed in early trading.
It's a broad shift to sell the US dollar and that's pushed the euro up above 1.0900 from 1.0870. It's also helped stocks and lifted oil from the lows.
It looks like a bet on a dovish Fed but it could also be some squaring in the crowded US dollar positioning trade.
