The commodity bloc remains closely tied to risk sentiment, with prices continuing to show formidable correlations with the MSCI World Stock Index (AUD: 0.90, NZD: 0.76 and CAD: 0.85) on 20-day percent-change studies. As with the Yen, this puts the spotlight on the US earnings season and what investors are able to derive from it by way of an outlook on the sustainability of the global economic recovery. Canada’s interest rate decision headlines the economic calendar, though the outcome may not prove to have a lasting impact considering a rate hike is likely priced in at this point. Indeed, a Credit Suisse gauge of priced-in expectations shows traders see a 100 percent chance of a 25bps increase.