I pronounce it with the ‘u’ /ju:/ as in use, university & the ‘o’ /c/ not with its full quality sound but as a reduced schwa sound /b/. I believe this is how most Canadians especially those in the West Coast would utter it.
I'd say that there is a slight difference between the US and UK pronunciation of the word. The first syllable of Europe in British English is generally pronounced with the diphthong /