Understanding the struggles of the loonie (Canadian dollar) early on might keep one from jumping into the unhedged iShares MSCI Canada Fund ( EWC). This fund is only up 3.1% over 3 months, while SPDR S&P 500 is up 5.0%, Vanguard Emerging Markets is up 7.9% and the unhedged iShares MSCI Australia Fund ( EWA) is up 9.2%. Again, while currencies cannot tell you everything, it is hardly shocking to see EWA atop a 3-month leader-board. CurrencyShares Australian Dollar ( FXA) has remained above its 100-day for over six months. Understanding which currencies are rising and which are being devalued can help one identify the best hedged and unhedged stock funds to buy or sell. At the time of publication the author had no position in any of the stocks mentioned.Follow @ETFexpertThis article was written by an independent contributor, separate from TheStreet's regular news coverage.