The dollar, that's for sure. Even with the Loonie. A new low against the Euro. Paul Krugman asks if this is the Wile E. Coyote moment. I have a general view about what happens to the economies of large countries.
In almost all cases, the sky is not falling. Prices adjust so that it hangs lower and grayer.
Expect the dollar to decline until the U.S. current account imbalances shrink substantially. Expect some of this decline to happen as major exporting countries become less willing to organize themselves around holding dollars in exchange for their goods. Expect these countries to diversify their new investments and some of their existing ones, but not to dump their dollar holdings. No other country's short-term economic interests are served by devaluing its own asset holdings, and no exporting country's long-term economic interests are served by inviting a nationalistic, political response from the U.S.