The recent weakness of the euro against the dollar is set to change and the euro could rise to $1.45 in the next two weeks, Chris Zwermann from Zwermann Financial told CNBC Wednesday.
"Everyone is expecting a stronger dollar, but the U.S. really doesn't need and can't need a stronger dollar," Zwermann said.
The euro/dollar cross is at a critical point and the dollar could now be on the defensive, according to Zwermann.
"This downward trend we have here is going to break … I think we have far more to go on short covering, which would lead the markets to $1.45 and I think this is going to take place actually in the next two weeks," he said.
Zwermann also said he thinks that the Canadian dollar is set to reverse its recent strength against the U.S. dollar and advises investors to be cautious.
- Watch the full interview with Chris Zwermann above and watch Nicole Elliott from Mizuho Corporate Bank on why the Canadian dollar is set to remain strong >>>
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