3 ASX shares to buy if the Australian dollar collapses

The Aristocrat Leisure Limited (ASX:ALL) share price is one of three which could be given a huge lift by a weaker Australian dollar. Is now the time to invest?

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Although the Australian dollar has found significant strength recently and closed the week at 79.3 U.S. cents, I still remain confident that in the long-term the local currency will weaken considerably.

In fact, I'm not the only one to think this. According to the most recent Westpac Banking Corp (ASX: WBC) Weekly, economists at the bank have forecast the AUD/USD pair to be as low as 65 U.S. cents by the end of 2018.

Should Westpac's forecast come true, it will mean a massive 18% slide for the Australian dollar over the next 16 months.

This means that companies which generate significant revenue overseas, and in the United States in particular, stand to benefit greatly.

Three shares which I think are worth looking at for this reason are listed below:

Ardent Leisure Group (ASX: AAD)

Ardent Leisure may be best known as the operator of the embattled Dreamworld theme park, but it also has significant exposure to the United States through its Main Event family entertainment business. Whilst there are question marks over its expansion plans, I remain confident the company will deliver on expectations. Doing so would mean the majority of its revenue is generated in the country.

Aristocrat Leisure Limited (ASX: ALL)

This gaming solutions company's shares are down around 13% from their 52-week high, making it an ideal time to consider an investment in my opinion. While the stronger U.S. dollar may be a headwind for its upcoming full-year results, I think in the long-term the company will be in a solid position to benefit. In the first-half approximately 42% of its revenue was derived from North America.

Treasury Wine Estates Ltd (ASX: TWE)

As well as the Asia market, the North American market continues to be a key driver of growth for this leading wine company. And with the company's premiumisation strategy going especially well, Treasury Wine Estates appears to be positioned perfectly for above-average earnings growth for the foreseeable future. In my opinion this justifies the premium its shares trade at today.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corp. 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.

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