But the 26-year-old will be chasing six players on Sunday with fellow Aussies Grace Kim and Minjee Lee a further two shots back.
Sentimental favourite Lexi Thompson birdied two of the final three holes for a share of the third-round lead on Saturday in a bid to win for the first time in just over six years.
Thompson sits atop the leader board alongside five others, after shooting a 4-under 68, rebounding with birdies on 16 and 18 after driving into the water and making a bogey on the par-5 14th.
"Not my best ball-striking day," Thompson said." But I scrambled very well and stayed positive, patient, and that's what it's kind of all about."
At 11-under 205 at the Blythefield County Club, she was tied with Nanna Koerstz Madsen (68), Madelene Sagstrom (67), Sofia Garcia (68), Hye-Jin Choi (69) and Carlota Ciganda (69).
Davidson finished the day in seventh on 207 with Lee and Kim tied for 12th on 209.
Thompson was back on top a year after losing a playoff to Lilia Vu on the tree-lined course.
"Everybody is going to come out swinging," she said.
"Good weather tomorrow, so I know birdies will have to be made and I'll have to go pin-seeking. I will hope for the best, go out there and embrace the opportunity, and really love on the fans."
The 30-year-old from Florida won the last of her 11 LPGA Tour titles in early June 2019 at the ShopRite LPGA Classic.
She's making her sixth start of the season in a part-time tour schedule, and also is set to play next week in the major KPMG Women's PGA Championship in Texas.
Garcia had the lead at 13 under after 12 holes, then bogeyed the next three.
"I'm happy I was able to get it back together," Garcia said.
"Made a really good chip out on 16. Was able to have a good finish."
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