The George Davis Report: July 2022 Edition
By
George Davis, CMT
Published July 18, 2022
|
9 min watch
A monthly video series on the trajectory of the Canadian dollar
Don’t miss this month’s edition of the George Davis Report, where George discusses RBC Economics’ latest forecasts, recession risks and the impact on the Canadian dollar.
Central banks are behind the curve, as inflation continues to rise due to supply chain issues, labour shortages and the Russia-Ukraine conflict.
Aggressive rate hikes will continue to be seen into the fall so that central banks can regain market credibility.
This implies that economic growth will be sacrificed in order to achieve inflation objectives.
RBC Economics is now forecasting a shallow recession to result in 2023, as inflation and rate increases hinder the indebted Canadian consumer and put a crimp on the housing market.
We continue to have a depreciating profile for CAD versus the USD based on our recent forecast changes.
For the trading range:
USD/CAD
George Davis, CMT
Chief Technical Strategist, Fixed Income, Currencies & Commodities, RBC Capital Markets
With over 30 years of market experience, George Davis is responsible for RBC’s Canadian dollar forecasts as well as intermarket technical analysis research that covers the FX, fixed income and commodity asset classes. Prior to this, he was a Vice President on RBC’s spot Canadian dollar and forward foreign exchange desks in Toronto and a foreign exchange Dealer in Montreal.
His technical research has been recognized via twenty-two international awards in the FX, fixed income, commodity and emerging markets asset classes. George was also awarded Technical Analyst of the Year six times by the Technical Analyst magazine and once by the Canadian Society of Technical Analysts, in addition to being inducted into the CSTA Hall of Fame in 2017. George has a Bachelor of Commerce (Honours) from Concordia University, holds the Chartered Market Technician (CMT) designation and is a Managing Director of RBC Capital Markets.
CADEconomyGeorge DavisInflationLabour ShortagesMarketRBC EconomicsRate HikesRecessionRussia-Ukraine ConflictSupply Chain Issues
