Are Commodity Prices leading indicators for Currencies?

I read a new article (2006-01-25) today by Kathy Lien titled, "Commodity Prices and Currency Movements."

To summarize, there are certain commodities that have a higher correlation with certain currencies.

1. Oil -> CAD (80% correlation)

Price of oil acts as a leading indicator 

2. Gold -> AUD and NZD (between 85-90% correlation)

As gold appreciates, so does the AUD and NZD

What I like most is that Gold and Oil could be leading indicators.  This graph shows that this could very well be the case in some instances.

You can find the full article at http://www.investopedia.com/articles/forex/06/CommodityCurrencies.asp 

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