One sign that oil is losing its hold over markets

Is crude oil becoming old news? A particular currency seems to be suggesting so, says one strategist.

On Tuesday, Boris Schlossberg of BK Asset Management noted that the correlation between the Canadian dollar and crude oil has been weakening, a sign that oil's influence over markets may be coming to an end.

Since oil accounts for a major part of Canada's exports, the country's currency tends to trade in tandem with the price of crude oil. Earlier this year, Schlossberg declared that everything from stocks to currencies were taking cues from crude oil's wild swings.

Read MoreOil is driving everything right now: Strategist

However, now the market's obsession with oil is tiring, he said.

"For the past month and a half, it's been a one-way road trip between oil and the Canadian dollar," Schlossberg said on CNBC's "Trading Nation." "Maybe now the markets are decoupling with this correlation that was almost one to one with oil, and starting to look for other ideas."

On Wednesday, crude oil surged as much as 6 percent even as reported inventories increased and U.S. stocks fell. The commodity has fallen 5 percent this month as the Canadian dollar has risen 1 percent against the U.S. dollar.

"Unless oil starts to make fresh lows, it could be yesterday's story as far as capital markets go," Schlossberg said.

According to Phillip Streible of RJO Futures, the relative strength in the currency, sometimes referred to as the "loonie," is more attributable to the rising price of gold, as another significant commodity export in Canada.

Gold has gained more than 7 percent this year in the midst of a volatile stock market, prompting some investors to declare that the flight to safety trade is back on. Other factors noted in gold's rise include a weakening U.S. dollar and low interest rates around the world.

Read More The surprising new case for gold

"If you look at gold prices, they've come up quite a bit, and I think that that provided some stabilization in the Canadian dollar despite oil's decline," Streible said Tuesday on "Trading Nation."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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