The George Davis Report: August 2022 Edition

By George Davis, CMT
Published August 18, 2022 | 10 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 how technical analysis is used in RBC’s forecasting framework.

What you need to know:

1

We use technical analysis to supplement fundamental analysis in our forecasting framework.

2

Correlation models can be used to identify evolving macro themes and key drivers of USD/CAD.

3

Relative Rotation Graphs help to identify relative strength trends between USD/CAD and other currency pairs.

4

A more aggressive BoC and firmer commodity prices have helped CAD outperformance on the crosses, with this trend expected to continue through year-end.

5

Price patterns and key support/resistance levels shape core views and expectations for our monthly trading ranges, with 1.2379 serving as a key “line in the sand” for the long-term uptrend in USD/CAD.

For the trading range:

USD/CAD

Buyers

1.2600/1.2700

Sellers

1.3000/1.3100

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.

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