Good data on the European economy, together with a probable solution to the political problems of Germany,has positively affect the rate of the European currency, which adds to the growth every day against the US dollar.

Yesterday, there was information in the market saying that German Chancellor Angela Merkel was gradually approaching its goal of creating a ruling coalition with her center-left opponents. Also, there are statements from the representative of the European Central Bank about the possibility of a more rapid tightening of monetary policy that led to the preservation of demand for the European currency.

The euro zone's trade turnover continues to show steady growth, indicating a healthy state of the region's economy.

According to the statistics agency, the foreign trade surplus in the euro area for November 2017 was 26.3 billion euros compared to 23.8 billion euros in November 2016. The main reason is a sharp increase in exports and a decline in imports.

Thus, the export of the eurozone in November 2017 increased by 3.4%, while imports showed an increase of only 1.6%.

Statements by one of the governing boards of the ECB and the governor of the Central Bank of Estonia surprised investors and traders. Thus, Ardo Hansson with full confidence yesterday said that the European Central Bank could complete the program of buying bonds in October 2018, on the condition that the euro area economy continues to show strong momentum. Hansson noted that it is possible to cut purchases of bonds to zero at one time without any problems. He also argues that there will not be much difference if the ECB buys bonds for another few months or abruptly completes this program.

As for the technical picture of the EUR/USD pair, the further growth of the euro will be completely tied to the fundamental data on the growth of consumer prices in Germany. The best scenario will create demand for the euro above the resistance level of 1.2290, which will lead to the continuation of the trend and the update of new monthly highs around 1.2350 and 1.2390. Another scenario may trigger a correction for risky assets in the support area of 1.2205 and 1.2160.

Good data on sales growth in the real estate market in Canada supported the national currency.

According to the Canadian Real Estate Association, home sales increased by 4.5% in December 2017 compared with the previous month. Sales increased by 4.1% in reference to the 2016 report for the same period.