The George Davis Report: October 2022 Edition
By
George Davis, CMT
Published October 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’s latest CAD forecast revisions.
USD/CAD reached a new 28-month high in September as the risk backdrop continued to deteriorate.
The resulting move to 1.3838 pushed prices above our 2022-2023 forecast profile peak of 1.3400.
Our new forecast revisions see USD/CAD moving to 1.4000 in Q1 2023 as the market prices in a mild recession in Canada.
Q1 2023 serves as a peak in our forecast profile, with CAD expected to strengthen moderately as the economy recovers from the recession.
The shift in our forecast profile will have particular importance to USD sellers through Q1 2023, followed by a more advantageous environment for USD/CAD buyers thereafter.
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 DavisMacroMarketMarket PriceRBC EconomicsRecession
