The Single European Currency may at least now be trading on two different big figures each day against the US Dollar but since last Friday it’s been stuck in a very narrow range from 1.1563 to 1.1615. The range against the Canadian Dollar has been quite a bit wider with the pair falling from EUR/CAD 1.4830 late Friday to open in North America this morning at 1.4760. Earlier this morning, the European Commission released updated economic forecasts for the Eurozone economy. Back in Spring, it forecast euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. These numbers have now been revised up to 2.2% and 2.1% with next year now seeing the economy growing at its fastest pace in a decade. European Commissioner Pierre Moscovici said, “We have entered a new phase of the economic recovery, with stronger growth driven by resilient consumption, the global upswing, loose financing conditions and falling unemployment”. Though still very high, unemployment in the euro area is expected to average 9.1% this year, its lowest level since 2009, dropping to 8.5% in 2018 and 7.9% in 2019. The combination of a somewhat weaker US Dollar, German ECB speakers and these better economic forecasts ought to provide a favorable backdrop for the euro today though last week’s high of USD1.1671 is still likely to keep a lid on any gains. EUR/CAD, meantime, faces technical resistance around 1.4810 then 1.4832.