Nunn could be hot and cold but his hand-speed, awkwardness, and defensive prowess wins him a clear decision over Canelo, who would struggle to land his telegraphed swings and gasses in the second half due to Nunn's pace. Canelo isn't as sharp a counterpuncher as Toney and doesn't hit anywhere near as hard, so Nunn will be fine to dance around him and take him to school with impunity pretty much.
If we're talking about at MW where Nunn was at his best when he fought Frank Tate then I think he outboxes Canelo silly. Nunn was a very hard man to beat when he was locked in at that weight. 168 would be a different story though. Nunn was definitely not the same by the time he moved up and Canelo most likely beats him convincingly.
Canelo would fustrate Nunn with his high guard the same way Starling did, Canelo would have destroyed Starling.
Canelo is far better at 160 than Starling was and far stronger, most of Canelo`s 160+ opposition would have beat Starling, he would have been too small and weak, Canelo would have walked him down and walked through him and destroyed everybody Starling fought except Curry, who Canelo would have stopped earlier than the 9 rounds it took Nunn to stop the much smaller and older Curry.