Canadian dollar gives back earlier gains as Wall Street wobbles

* Canadian dollar trades in a range of 1.2322 to 1.2390

* Canadian retail sales rise 2.1% in August from July

* Price of U.S. oil settles 1.5% higher

* Canadian 10-year yield eases 4.2 basis points to 1.659%

By Fergal Smith

TORONTO, Oct 22 (Reuters) - The Canadian dollar barely moved against its U.S. counterpart on Friday, giving back some earlier gains as U.S. equity markets dipped and investors turned attention to a Bank of Canada interest rate announcement next week.

The loonie CAD= was trading nearly unchanged at 1.2368 to the greenback, or 80.85 U.S. cents, after trading in a range of 1.2322 to 1.2390.

The currency on Thursday touched its strongest level in nearly four months at 1.2287 but ended little changed for the week after some profit-taking.

"You have seen the equity market taper off and I think the Canadian dollar is following along with equities," said Rahim Madhavji, president at

"Heading into the weekend and the Bank of Canada next week, it's a good time to lock in profits."

The S&P 500 and Nasdaq closed lower after comments on stimulus tapering from Federal Reserve Chair Jerome Powell spooked markets trading at record levels.

Canadian retail sales rose 2.1% in August from July even as global supply shortages held back auto sales. But preliminary estimates for September were less encouraging, showing retail sales falling 1.9% and manufacturing sales down 3.2%.

"The flash estimates for September aren't great news for the final month of the quarter," Royce Mendes, senior economist at CIBC Capital Markets, said in a note.

Still, the Bank of Canada is expected to largely end stimulus from its bond-buying program next Wednesday, while money markets are anticipating four interest rate hikes next year. BOCWATCH

The price of oil, one of Canada's major exports, settled 1.5% higher at $83.76 a barrel as concerns about tight supply fueled bullish sentiment.

Canadian government bond yields were mixed across a flatter curve. The 10-year CA10YT=RR yield touched its highest level since January of 2020 at 1.713% before easing to 1.659%, down 4.2 basis points on the day.
Reporting by Fergal Smith Editing by Paul Simao and Sandra Maler

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