Analysts are predicting a positive long-term outlook for the US dollar (USD) against the Canadian dollar (CAD). However, before a significant rise that could push the exchange rate to new highs around 1.36000, there's a potential for a short-term dip.
Here's a more detailed breakdown of the forecast:
* **Short-Term Dip:** In the immediate future, the currency pair (USD/CAD) is expected to test the support level around 1.34000. This suggests a potential decline from current levels, favoring sellers in the market.
* **Reversal and Rise:** Once the exchange rate reaches the support zone near 1.34000, analysts anticipate a reversal. This means sellers are likely to stop driving the price down, and the USD is expected to start gaining strength again.
* **Medium-Term Growth:** The reversal at 1.34000 is expected to mark the beginning of a medium-term uptrend for the USD. This uptrend is likely to push the exchange rate towards the previously mentioned target of 1.36000.
* **Long-Term Strength:** The overall sentiment for the USD/CAD pair remains positive in the long run. This suggests that even after reaching 1.36000, the USD could continue to strengthen against the CAD over a longer period.
**Key Points to Remember:**
* This forecast is based on current market analysis and can change depending on future economic data and events.
* The support level at 1.34000 is crucial. If the USD breaks below this level, the short-term outlook might change.
* Investors and traders should consider this forecast along with other factors before making any currency exchange decisions.
Here's a more detailed breakdown of the forecast:
* **Short-Term Dip:** In the immediate future, the currency pair (USD/CAD) is expected to test the support level around 1.34000. This suggests a potential decline from current levels, favoring sellers in the market.
* **Reversal and Rise:** Once the exchange rate reaches the support zone near 1.34000, analysts anticipate a reversal. This means sellers are likely to stop driving the price down, and the USD is expected to start gaining strength again.
* **Medium-Term Growth:** The reversal at 1.34000 is expected to mark the beginning of a medium-term uptrend for the USD. This uptrend is likely to push the exchange rate towards the previously mentioned target of 1.36000.
* **Long-Term Strength:** The overall sentiment for the USD/CAD pair remains positive in the long run. This suggests that even after reaching 1.36000, the USD could continue to strengthen against the CAD over a longer period.
**Key Points to Remember:**
* This forecast is based on current market analysis and can change depending on future economic data and events.
* The support level at 1.34000 is crucial. If the USD breaks below this level, the short-term outlook might change.
* Investors and traders should consider this forecast along with other factors before making any currency exchange decisions.