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This is a common misconception as I explained here:Do you have any suggestions? I'm also interested in this, and to find an emerging markets ETF with Canadian dollars is not that easy. Would it not make sense to have it in CDN$ rather than USD if we think the USD will be tanking in the medium-term?
Currency Effects of Buying Foreign Stocks or ETFs on US Exchanges
Check out the blog for cheaper emerging market alternatives. VWO is the cheapest around.