The slipping oil prices are pressuring commodity-sensitive currencies, along with major oil-exporters and country-specific exchange traded funds.

The United States Brent Oil Fund (NYSEArca: BNO) fell 13.8% over the past three months. Brent crude oil futures are now trading around $56.7 per barrel.

Meanwhile, currencies of major oil exporters, including Canada, Russia and Nigeria, depreciated against the U.S. dollar as energy prices dipped on a stronger USD, slowing global growth outlook and ongoing supply glut, the Wall Street Journal reports.

Over the past three months, the Market Vectors Russia ETF (NYSEArca: RSX) retreated 7.5%, iShares MSCI Canada ETF (NYSEArca: EWC) declined 11.6% and Global X Nigeria Index ETF (NYSEArca: NGE) decreased 16.8%.

While there are no Russia and Nigeria currency-specific ETFs, the CurrencyShares Canadian Dollar Trust (NYSEArca: FXC), which tracks the Canadian dollar’s movement against the U.S. dollar, dipped 5.5% over the past three months.

The combination of a weakening energy outlook and the depreciating currencies are dragging on the ETFs that cover the major exporting countries. For instance, the energy sector makes up 43.7% of RSX’s underlying portfolio, 20.6% of EWC and 9.5% of NGE. Moreover, the country-specific ETFs do not hedge currency risk, so a depreciating local currency pressures USD-denominated returns.

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.