Despite interest rates being at record low levels, the Australian dollar has managed to frustrate the Reserve Bank this year by remaining relatively strong. Currently the Australia dollar is fetching 76 US cents, over US 8 cents higher than the start of the year.

But all this could be about to change with the Federal Reserve looking likely to raise US interest rates in December. According to Bloomberg there is a 70% chance of a rate hike at the December meeting.

As the Fed raises rates the US dollar should strengthen, causing the Australian dollar to weaken. Whilst this isn’t great news for companies like Nick Scali Limited (ASX: NCK) and Reject Shop Ltd (ASX: TRS) who import their goods, the following three companies are likely to get a boost.

Catapult Group International Ltd (ASX: CAT)

In FY 2016 sports analytics company Catapult saw revenue in its US segment increase over 47% to $6.3 million. This means the segment is now the company’s largest and accounts for over 36% of total company revenue. The recent acquisition of US-based XOS Digital is expected to further bolster US revenues in FY 2017 and beyond. As a result I believe Catapult would be a big winner from a weak Australian dollar.

Cochlear Limited (ASX: COH)

The implantable hearing solutions provider is another company with significant exposure to the U.S. market. In the most recent financial year Cochlear reported sales in the Americas of $519.7 million, equating to approximately 45% of total company sales. Sales in the region increased 12% year on year on a constant currency basis, but thanks to favourable currency movements sales in the Americas rose 29%.

Orora Ltd (ASX: ORA)

Packaging company Orora derived 49% of its total sales from the North American market in FY 2016 and pleasingly management is expecting strong organic growth next year from the region. At 19x estimated FY 2017’s earnings I think Orora is a great buy and hold investment option. Not only does it provide growth, but the industry it operates in provides investors with strong defensive qualities in my opinion.

Before making an investment in any shares I would highly recommend taking a look to see if you own these wealth-destroying shares. Each could be hurting your portfolio and might be best swapped out if you ask me.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of three shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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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.