EUR/CAD edges higher as Canadian inflation accelerates to 3%

EUR/CAD was quoted near 1.6070 during Monday trading, gaining about 0.11% on the session. The cross retained an upward tilt even after Canadian inflation data surprised to the upside.

Canada's inflation rate accelerated to 3%, giving the Canadian dollar some underlying support. Still, that was not enough to push EUR/CAD lower, with the euro side of the pair maintaining the initiative.

Overall, the price action points to a firm euro against the loonie despite the stronger Canadian price data.