Board Thread:Episode Discussion/@comment-112155-20160301233224/@comment-1894786-20160306181125

Silacko wrote: By the way, they should have founded S.H.I.E.L.D. already! That would be if they were going to make the one-shot canon. We know now from overwhelming evidence that it might not be the case. Unless the rest of the seasons take place in the incredibly short time frame of two months, Peggy can't be in 1947 at New York's SSR office when she gets the call. We're currently in July 1947 (which I think was confirmed in the last episode) and the one-shot obviously doesn't take place in Winter, so the latest it could take place is October.

For all we know, they might retcon the one-shot as happening in 1950 or something similar.