Amid the discussions of a euro breakup, the single currency is stubbornly strong. Here's how to trade that risk appetite away from the euro zone.

You would think that if people are talking about a currency disappearing, said currency would be on its knees. Well, guess again. Between record short positions that make traders reluctant to sell more, and glimmerings of renewed risk appetite, the euro   is hanging tough.

That could change, says Camilla Sutton, chief currency strategist at Scotia Capital, "I suspect we'll get a little disappointed here." Sutton argues that investors, frustrated repeatedly by the failure of European leaders to develop a sustainable rescue plan, are getting impatient. "The ideas keep changing. There's continual flux, and I think the market is very tired of that," she told CNBC's Scott Wapner. "It does start to speak to a lower euro in the very near term as this uncertainty continues to hold."

Sutton says investors are looking elsewhere for opportunities.

"As the triple-A universe shrinks, investors are increasingly interested in the remaining non EUR, non USD based sovereigns like Australia," she told me. Also, Australia was hit hard in November, and "in an environment of risk-on, AUD has more to gain back," given the country's natural resources and ties to Asian economies.

Sutton recommends buying the Australian dollar against the greenback at 1.0000 with a target of 1.0400 and a stop at 0.9750.

You can watch the whole discussion on the videotape.

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