Meanwhile, one Australian dollar is now worth $0.875, hovering around a three-and-a-half year low, from $1.10 in July 2011. [Down Under Disappointment]

The Australian central bank has slashed rates by 225 basis points since late 2011 and hinted that the Australian dollar has more room to fall. FRB Governor Glenn Stevens has stated that “85 U.S. cents would be closer to the mark,” while a Reserve Bank board member pointed to 80 cents as “a fair deal for everyone.”

The Australian and Canadian currency have been considered two commodity currency plays as the countries have relied on heavy commodity exports. However, the recent global slowdown, notably in China, has reduced demand for raw materials. Consequently, the exporters are beginning to shift their economies away from commodities demand.

For more information on world currencies, visit our currency ETFs category.

Max Chen contributed to this article.