Last year, the one year nominal interest rate for investments of identical risk was 11% in Canada and 15% in the US. Today, the nominal interest rate for one year investments of identical risk is 13% in Canada and 15% in the US. Based on the international Fisher effect, which of the following must be true? Expected inflation today is higher in the US than Canada. The Canadian dollar will appreciate against the US dollar in the spot market. The Canadian dollar will depreciate against the US dollar in the spot market. None of the above