The euro might be stuck in a range against the dollar, but this strategist sees plenty of other trading opportunities.

It's rest hour in the currency markets - or so it seems sometimes in August.

Not for Camilla Sutton, chief currency strategist at Scotiabank.

"This might be the environment to look carefully at risk/reward (ie: EURUSD is a tough one);  however there are always interesting ideas out there," she told me.

Such as?

"EURCAD at new RECORD lows; USDJPY  finally breaking out of its 16-session 88point range; AUDCAD    collapsing lower," Sutton says. "No time for the sidelines."

Sutton is also watching the dollar against the Canadian dollar. "CAD has strengthened beyond where oil or interest rates would justify," she told me. "I would suggest there have been CAD positive flows this week that might have pushed it too far." Sutton is also watching the Canadian political landscape, since upcoming provincial elections could create some event risk.

Steven Englander, head of G10 currency strategy at Citigroup, told me he thinks some investors are sitting out a thin market "because it has not been a stellar year so far." But he doesn't expect the slow pace to continue. "Right now we are telling clients not to be lulled by current low volatility into thinking that September and beyond will be as calm."

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MULTI CURRENCIES v The Dollar

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