The George Davis Report: December 2019 Edition

By George Davis
Published December 17, 2019 | 3 min watch

A monthly video series on the trajectory of the Canadian dollar

In this edition of the George Davis report, George discusses our 2020 economic outlook and forecast revisions, the lingering uncertainty around US/China trade negotiations and layered hedging strategies.


What you need to know


We are forecasting near-trend growth of 1.7% in 2020


The growth profile will be characterized by some weakness in the first half of the year, followed by a firmer second half


The weak November employment report is not a concern at this juncture, as it represents a long-awaited correction from an unsustainable pace


We have pushed out our forecast for a rate cut to Q2 2020 from Q1 2020 previously


We anticipate a smooth policy transition when Bank of Canada Governor Poloz steps down in June 2020

Hedging Strategies:



1.3000 – 1.3100


1.3400 – 1.3500

This video is part of our monthly George Davis Report series, with ad hoc reports brought to you as current.

© RBC Capital Markets, LLC, RBC Dominion Securities Inc., RBC Europe Limited 2018 

George Davis

George Davis
Chief Technical Strategist, FX Trading, Strategy & Sales, RBC Capital Markets

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