"How can you benefit when the US dollar turns up?" asks Leonard Goodall. For his latest "Investment Spotlight" in his No-Load Portfolios, he looks at two exchange-traded vehicles that offer an easy way to play currencies.

"Have you been to Canada, Europe, or Asia lately? If so, you know first-hand what has happened to the purchasing power of the US greenback. Everything is more expensive, and in some cases, ridiculously so.

"Sooner or later, change will come. The dollar will strengthen against our trading partners and a reversal of fortunes will occur. Foreign goods (including gasoline) will become cheaper and overseas tourism will experience a revival.

"What could cause this to happen? A rise in US interest rates without a corresponding rise in the interest rates of our partners will do the trick. When will this happen? No one knows, but sometime within the next 6 to 8 months is a good guess.

"Is there any way to make money when the dollar turns up? One easy way is through the purchase of the Morgan Stanley Market Vectors Double Short Europe ETN (NYSE: DRR), which provides a dollar versus Euro play.

"For every one percent weakening of the US dollar against the Euro, this fund will increase by 2%. As an exchange-traded note (ETN) as opposed to an ETF, its ability to pay is based on a promise by Morgan Stanley.

"A broader exposure to a rising dollar is through the purchase of Powershares DB US Dollar Index Bullish (NYSE: UUP). This fund is based on the performance of the Deutsche Bank Long US Dollar Futures Index.

"It is composed of long futures index contracts designed to replicate the performance of being long the US dollar against the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.

"The ETF attempts to rise on a one-to-one basis with the dollar as compared to the basket of listed currencies, making it a more conservative purchase."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.