* Canadian dollar weakens 0.4% against the greenback * Price of U.S. oil decreases 5.2% * Loonie trades in a range of 1.4023 to 1.4108 * Canadian bond yields rose across a flatter curve TORONTO, May 6 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Wednesday as a rally in the price of oil, one of Canada's major exports, lost some momentum and the greenback broadly climbed. The U.S. dollar rose against a basket of major currencies as a court decision challenging German participation in the euro zone's stimulus program weighed on the euro. U.S. crude oil futures were down 5.2% at $23.29 a barrel, pulling back from a near four-week high earlier in the session, as a report showing a higher-than-expected rise in U.S. inventories offset hopes for a recovery in demand as some countries ease coronavirus lockdowns. At 8:29 a.m. (1229 GMT), the Canadian dollar was trading 0.4% lower at 1.4101 to the greenback, or 70.92 U.S. cents. The currency traded in a range of 1.4023 to 1.4108. The decline for the loonie came as a report showed U.S. private employers laid off more than 20 million workers in April. Canada sends about 75% of its exports to the United States. Canada's jobs report for April is due on Friday. Economists are looking for employment to plunge by four million as non-essential business activity shut down across the country, adding to a jobs decline of one million in March. Canadian bond yields rose across a flatter curve, with the 2-year up 2.4 basis points at 0.335%. (Reporting by Fergal Smith; Editing by Bernadette Baum)
Our Standards: The Thomson Reuters Trust Principles.