ICE canola futures fail to rally after recent declines

WINNIPEG, Manitoba, Aug 6 (Reuters) - ICE canola futures tried to rally on Wednesday but failed to hold onto gains and closed the session with a slight loss, with tepid vegoils markets and rain in Canada providing little support.

• November canola RSX5 settled down $2.50 at $669.70 per metric ton. January RSF6 fell $2.50 to $681.70.

• A trader said canola tried to rally but rainfall on the eastern Canadian prairies and a lack of direction in Chicago soyoil didn't allow a bullish tone to take hold.

• Futures have fallen in five straight sessions but are still within a range that has held since early May. Long term support exists at the $660 level, so how futures behave around that area will be keenly watched, traders said.

• Chicago Board of Trade soyoil futures BOv1 edged higher by 0.37% but stayed within a nearby downtrend and within a range that has held since mid-June.

• Euronext rapeseed futures COMc1 fell 1.21%.

• Malaysian palm oil futures FCPOc3 fell 0.47%. POI/

• Crude oil CLc1 has been caught in doldrums, showing little direction since the beginning of July.

• The Canadian dollar CAD= rose to an eight-day high. CAD/