ETF investors, though, can track the Canadian market without worrying about further currency depreciation through the iShares Currency Hedged MSCI Canada ETF (NYSEArca: HEWC), which was launched at the start of July. There are no currency-hedged ETF versions of the Russia and Nigeria ETFs.

“The market is awash with oil so it’s really hard to see oil prices rising any time soon,” Piotr Matys, a strategist at Rabobank, said in the WSJ article. “Currencies that are correlated with oil should prepare for a rough ride in coming months.”

Specifically, Matys pointed to a number of factors ahead, such as the rate hike expectations, which would further strengthen the dollar, along with growth concerns in China, the world’s second-largest consumer of oil.

For more information on the global markets, visit our global ETFs category.

Max Chen contributed to this article.