EUR/CAD edges higher on Monday, trading around 1.6070 at the time of writing, up 0.11% on the day. The pair maintains a positive bias despite a stronger-than-expected acceleration in Canadian inflation, which provides some support to the Canadian Dollar (CAD).
Canada’s Consumer Price Index (CPI) rose 3% YoY in July, following a 2.8% increase in June and exceeding market expectations. On a monthly basis, consumer prices increased by 0.5%.
The Bank of Canada’s (BoC) core inflation measure, which excludes more volatile components such as food and energy, rose 2.3% YoY and 0.2% MoM. The BoC’s other preferred inflation measures also point to a…
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