The commodity dollars are the most vulnerable to a reversal of the recent rally in risk appetite as earnings season begins. Stocks ended June trading at the highest level relative to earnings since 2004, a year when the world economy grew 4.1% in real terms. With the OECD, IMF, World Bank, and all major central banks in agreement that the world economy will shrink this year, shares look highly overvalued. The Canadian, Australian and New Zealand Dollars are now on average 94.6% correlated to the MSCI World Stock Index, suggesting that any return of risk aversion will weigh very heavily on the commodity bloc. How are DailyFX analysts playing this environment? Read their top ideas for trading AUD, CAD, and NZD in the days ahead.