The George Davis Report: July 2023 Edition
By
George Davis, CMT
Published July 17, 2023
|
7 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 the implications of a subtle shift in USD/CAD drivers.
Last month we lowered our expected trading range in response to broader-based USD weakness and the BoC resuming interest rate hikes.
The latter development has prompted a subtle shift in the relative importance of the drivers of USD/CAD.
Furthermore, the recent break below 1.3224 points to a topping pattern and a shift lower in the trading range that has persisted since last September.
The upshot is that sellers of USD will now have to become more proactive in managing their hedging requirements.
Moves toward the 1.3350-1.3450 area are expected to attract selling interest for the time being.
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.
BoCCADDriversEconomyGeorge DavisHedgingInterest RatesMarketSellingTrading Range
