es, and fears on Canadian housing are likely overdone. We maintain our recently entered CAD/JPY long. Having recently exited our long-held bullish AUD/CAD and NZD/CAD views from our previous Blueprint, we now also go short NZD/CAD. T. With AUD looking to have clearly overshot to the downside we do no

call funded by selling a 102/91.50 RKI put for zero cost off spot ref 104.40. Trade 4: Lower USD-CAD beta Implied correlation between AUD/USD and AUD/CAD has remained elevated (-86% percentile), which provides sizable cheapening to AUD/USD puts by selling correlation. This relationship relates to CA

opportunities in vol surface distortions; specifically buying EUR/USD FVAs, USD/JPY vol swaps and risk reversals, plus AUD/USD puts cheapened with AUD/CAD KOs if at i • Hedge ;:,gain9t event-ris4s with EUR/USD FVA,::: Despite potential catalysts such as the US fiscal impasse and EU political uncerta