We are turning cautious with all RISK assets as it looks like we may be entering a corrective period in markets.

In this environment we favor LONG USD as we are starting to see some signs of STRESS in markets.

LONG JPY is also attractive.

AUDJPY as a BAROMETER of RISK looks keen on moving LOWER.

USDCAD – We like LONG USD here. There is a LOW we can TRADE against (1.2250)