<mime-attachment.gif> The limited downside play I like best in USDCAD is buying a 3month expiry 1.10 / 1.13 call spread on USDCAD but where the short 1.13 call position only exists (knocks-in) if USD trades at 1.17 trades in the market before the option expires, otherwise the option payoff is the same as a 1.10 call option. It costs 1% of USD notional. I believe the buyer is well compensated for the knock-in component. If USDCAD rises to 1.15 the option payout is 5 big figures. If 1.17 trades before expiry the payout is limited to 3 big figures. Max loss is premium paid. We can price other structures to fit the risk tolerance (higher or lower) of clients - let us know Key Macro Highlights • The economy clearly lags the US. Dec13 unemployment unexpectedly rose last Friday to 7.2% • South of the border demand for USDCAD is declining as the US heads towards energy independence • Low inflation and weak exports are likely to preclude any rate hikes in 2014 <rnime-attachment.gif> Best, Nav <mitee-attachment.gil> Nav Gupta Managing Director Deutsche Bar* AG. Palate London Deutsche Asset 8 Wealth Management My proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only. and do not create any legally binding obligation on the part of Deutsche Bank AG and or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiF1D), who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. Al trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <mime-attachment.gif> This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-