Australia and Canada are both commodity rich and somewhat high tech poor. I have taken the attitude in the past that one of the reasons the Aussie had so many problems was due to those facts. Now, perhaps commodities may be on the rise. We are decidedly getting hints in that direction. Sugar and cocoa are now well off their lows.
Lumber is on the move.
Traders see cheap grain and cotton prices, but have doubts regarding further downside, and some see this period as one in which we are bottoming. Regardless, keep your goals within reason. US monetary policy is very different from what existed back in 1980, and the Fed has it within its power to raise rates, not just lower them. And cutting rates to avert a recession is not necessarily inflationary, just as raising rates to avoid inflation may not necessarily bring on a recession. One aspect that is troubling copper bulls is that the buying in copper has not been new buying as it has been recently in gold, but rather short covering, suggesting that after this rally, we could see a vacuum.