Economic indicators may be starting to turn up, but this strategist has a trade to also protect on the downside.
Willie Williams is bullish on the economy - but he's watching his back. Williams, director of institutional derivative sales at Societe Generale, wants to trade as if economic conditions are improving, but he also wants to be prepared if risk aversion kicks in again.
That's why Williams wants to buy the Canadian dollar against the Japanese yen. "I think the U.S. will continue to outperform Europe," he told CNBC's Scott Wapner, but "now it is time to look at a trade and say what happens if the risk environment deteriorates. Canada-yen I think will outperform in that situation."