Canadian dollar pares weekly gain as greenback selling eases



* Canadian dollar weakens 0.3% against the greenback

* For the week, the loonie gains 0.6%

* Flash estimate shows Canada's economy expanding 0.7% in June

* Canadian bond yields were mixed across the curve

By Fergal Smith

TORONTO, July 30 (Reuters) - The Canadian dollar fell against its broadly stronger U.S. counterpart on Friday but held on to much of this week's gains as oil prices rose and a preliminary estimate showed Canada's economy rebounding in June.

The loonie CAD=D4 was trading 0.3% lower at 1.2484 to the greenback, or 80.10 U.S. cents, after trading in a range of 1.2423 to 1.2492.

For the week, it was up 0.6% after also gaining in the previous week. It was down 0.7% in July.

The U.S. dollar .DXY rose as upbeat economic data helped reverse some of the losses from earlier this week when dovish remarks by the Federal Reserve scuttled a month-long rally in the U.S. currency.

"You had pretty substantial dollar selling over the course of the week," said Erik Nelson, a currency strategist at Wells Fargo in New York.

"I think the thought is, there's still risk of a hawkish FOMC (Federal Open Market Committee)," Nelson added. "The market doesn't want to get too short (of) dollars here."

The Canadian economy most likely expanded by 0.7% in June as businesses reopened after shutdowns imposed to help fight the coronavirus pandemic, Statistics Canada said. The economy shrank by 0.3% in May, matching a forecast by analysts.

Canada's employment report for July is due next Friday which could help guide expectations for the Bank of Canada policy outlook.

The price of oil CLc1 , one of Canada's major exports, settled 0.5% higher at $73.95 a barrel, with demand growing faster than supply and vaccinations expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.

Canadian government bond yields were mixed across the curve, with the market closing early ahead of the Civic Holiday on Monday. The 10-year yields CA10YT=RR was little changed at 1.203%.
Reporting by Fergal Smith; editing by Emelia Sithole-Matarise and Sandra Maler


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