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.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.