During the last few weeks, we have had some developments that have pushed volatility higher (as shown in VIX in the chart below) including the mini crisis in EM, deceleration in China, and doubts about the strenght of the recovery in the US. Even if it would be difficult to see volatility much higher, everything points to a season of bigger moves in all of the asset classes.
I would stay long USD vs EUR and CAD.
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