Crude oil has been grinding higher since the start of 2019. This has surprisingly been met with stronger US dollar, and more interestingly, a weaker Euro.
From its lows, crude has rallied 47% in Dollar terms and 56% in Euro terms.
Because of this relationship, we can choose the volatility of our Crude trade by choosing a currency to trade it in. Trading outright crude will have normal volatility, but trading (short) crude in terms of euros (short crude, long euro), will present a more volatile trade.
Check out the last slide in the attached deck for some Crude/Euro trade ideas!