(21 April 2020)DAILY MARKET BRIEF 2:The sell-off in Loonie remains contained

<p>In the FX, the euro remains bid against the US dollar near the 1.0820 mark. The downside pressures should persist in the run up to Thursday’s Eurogroup summit as European leaders are expected to announce joint measures to address the coronavirus-led economic slowdown, but the so-called corona bonds will be hard to agree on.</p>
<p>Cable is downbeat ahead of important economic data due this week. Due today, the British unemployment rate has certainly remained unchanged at 3.9% in February and wages growth near 3.0% y-o-y. But these numbers mean little given that we should see a significant deterioration in jobs starting from March.</p>
<p>The sell-off in Loonie remains contained, the USDCAD is a touch below the 1.42 mark but upside risks prevail with solid support seen near the 1.40 level.</p>