First, a warning: Buying the dollar is the trade du jour. As the U.S. economy flexes its muscles amid an increasingly uncertain global backdrop, more investors have jumped on the strong dollar bandwagon.
Read MoreDollar surges to four-year high on robust U.S. jobs report
Weekly data from the Commodities Futures Trading Commission show hedge funds and other large speculators' positions have increased substantially in the past few weeks, and the net long dollar bet now stands at $35.81 billion, not far from its its highest ever.
Net shorts on the euro and yen grew larger as well.
Read More Why the dollar-yen rally will fizzle soon
Those crowded trades mean the dollar is vulnerable to a painful drop when momentum turns on any given day and trades unwind.
However, it doesn't change the logic for buying the dollar and the currency's trajectory.
"As the Fed steps away from ultra-loose policies, the dollar should gain against the chief beneficiaries of those policies, namely emerging market and commodity currencies," currency strategists led by Kit Juckes at Societe Generale wrote in a note this week.
That goes for the dollar against emerging markets' currencies, too.
"The jump in total debt levels in the emerging markets in recent years leaves them vulnerable to rising interest rates and a resurgent dollar," Juckes wrote.