Today's nonfarm payroll report gave investors reason to hope. Here's how to use currencies to trade on a possible near-term economic recovery.

It's a good news/bad news day in currencies: the euro is being buffeted by several credit-rating downgrades, but a suggests the economy could shift into genuine recovery mode.

Willie Williams, director of macro sales at Societe Generale, thinks the trend will continue, and he recommends selling the euro against the Canadian dollar.

"One of the best ways to gain exposure to a stronger fourth quarter in the U.S. is being long Canada," he told CNBC's Scott Wapner.

Canadian payrolls came in better than expected today, Williams points out, and he expects inflation to reach a level where the interest-rate cuts the market is banking on will not happen. That should boost the Canadian dollar.

At the same time, given the downgrades in Italy and Spain, Williams believes that "the European situation is far from over."

Williams recommends selling the euro against the loonie at 1.3900 with a stop at 1.4100 and a target of 1.3100.

MULTI CURRENCIES v The Dollar

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