The Commonwealth Bank of Australia (ASX: CBA) has become the first of the big four banks to predict that the RBA will cut interest rates twice more this year. This would bring the official cash rate down to a new low of just 1.25%.

We all saw the effect the rate cut had on the Australian dollar last week, and I wouldn’t be surprised to see the same happen again with each of these predicted cuts. I believe this could push the Aussie down as low as 65 US cents.

This could prove to be great news for these three ASX shares:

Ardent Leisure Group (ASX: AAD) is the company behind well-known brands such as Goodlife Health Clubs, Dreamworld, and AMF Bowling. But it is the little known US-based brand Main Event which I expect to be the catalyst to strong earnings growth in the next couple of years.

The company plans to grow the number of Main Event centres by 33% this year to a total of 28. Which I believe is great news for shareholders, especially with a weakening Australian dollar. In its first half results the Main Event segment grew its sales by 48% year-on-year, providing almost one-third of the company’s total sales.

Cochlear Limited (ASX: COH) benefitted greatly from the weaker Australian dollar in its interim results. The manufacturer and distributor of cochlear implantable devices delivered an impressive jump in revenue of 16% year-on-year in constant currency terms. But thanks to favourable currency movements, actual reported revenue climbed 32%.

Because of its market leading position and best-in-class products, I believe that Cochlear will continue to produce strong results like this for some time to come. It does trade on a reasonably high multiple of 32x estimated FY 2016 earnings, but it does look to be worth every cent of it.

Graincorp Ltd (ASX: GNC) derives around 60% of its sales from overseas markets. The recent drop in the Australian dollar will have come as a bit of a relief to shareholders. Its half year results this week showed that grain exports had slowed, with management explaining that at times Australian grain was $30 a tonne more expensive than the global market.

The gap is now narrowing and management believes the situation is becoming more positive. Should the RBA cut interest rates further this year, I would expect to see the gap close and grain exports to jump.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.