Nzd is highly correlated to Aud by itself so if Aud is doing well, Nzd will follow. However, Aud doing better than Cad? I thought Aud is more correlated to gold than oil (which is more for Cad)? Does this mean gold will outperform oil?
I believe AUD is correlated to many other commodities other than gold. Definitely aluminum, probably copper as well. Aluminum ore (bauxite) is one of Australia's main exports.
AUD and NZD are very politically and socially stable economies geographically located a long way away from the conflict in the northern hemisphere plus commodity (AUD) and dairy (NZD) prices are shooting upwards also if Russia/Ukraine can't sell as much commodities to the west there will be more buyers of AUD and NZD with the higher commodity prices hence the current tailwinds in them both. On the other hand EUR now has a shopping list of problems, check out the chart of AUD/EUR..