We are pleased to bring you the latest edition of the series produced by our colleagues in RBC Capital Markets, hosted by George Davis, CMT, the award winning Chief Technical Analyst for Fixed Income and Currency Strategy.
In this installment George discusses recent market developments that have led to the long awaited shift from the Federal Open Market Committee. This in turn has pushed market expectations more in line with the forecast of CAD weakness for the second half of the year, as the Fed turned more optimistic about growth. So, with the recent bullish shift, George has raised his expected trading range for this month. USD buyers should look to 1.2200/1.2300 area as an entry level, while things look more optimistic for USD sellers as moves to 1.2600/1.2700 would be an opportunity to reduce exposure.