Wells Capital’s James Paulsen says a commodities rebound will depend on what the dollar does, and he thinks the dollar has been in “peaking mode” since March.

Paulsen says he doesn’t know if commodities have yet bottomed. But, “With a little bit of dollar weakness and with a bounce—not only in United States growth, but also just globally from all the policy stimulus that we’ve been enacting—if there’s a bounce, then I think commodity prices have an excellent chance of surprising and rising over the next year,” he told CNBC’s Squawk Alley.

Paulsen said a recent rally in industrial stocks is likely due to technical factors and Berkshire Hathaway’s purchase of Precision Castparts, rather than a fundamental change in the commodity arena. But CNBC reports that he thinks it’s okay to put some money in industrials, materials and energy stocks. “You don’t have to buy commodities, but you can buy commodity-like stocks in industrials and materials and energy,” he said. “The Canadian stock market, the Australia stock market are all potential plays on that.”