ICE canola futures rise in technical rebound

WINNIPEG, Manitoba, April 22 (Reuters) - ICE canola futures more than gained back Monday's losses on Tuesday, on a technical response to the previous day's selloff.

• July canola RSN5 settled up $14.10 at $679.50 per metric ton. November RSX5 rose $7.10 to $650.50, causing its discount to July to widen to $29. That spread reveals the tightness of old crop canola, traders said. If buyers want canola, they have to bid up nearby prices to get it out of farmers' hands.

• Soyoil and European rapeseed fell on Tuesday. Canola's odd-man-out behaviour was a technical response to the selloff on Monday, said analyst Jerry Klassen of Resilient Capital, adding that volumes were light. "That allows the speculative trade to push the market around," he said.

• Low volume combined with sparse country elevator deliveries to accelerate the rebound. "It's been really quiet in the country. There just hasn't been a lot of canola coming into the system," said Klassen.

• Chicago Board of Trade soyoil futures BOv1 were 0.58% weaker.

• Euronext rapeseed futures COMc1 fell 1.64% for a third day of losses. Malaysian palm oil futures FCPOc3 rose 1.43% on bargain hunting after six straight losses. POI/

• The Canadian dollar CAD= strengthened as trade war fears lessened. CAD/