* C$ slips from 7-week high against US$ * C$ rallies to 2-year peak vs euro * Bond prices flat across the curve * ECB, BoE and China central banks move to stimulate economies By Claire Sibonney TORONTO, July 5 (Reuters) - The Canadian dollar fell from a seven-week high against the U.S. dollar on Thursday after moves by global central banks to provide further monetary stimulus fell short of ramped-up expectations. Against the euro, however, the Canadian currency rallied, touching C$1.2524, or 79.85 euro cents, its strongest level since mid-June 2010. The European Central Bank cut interest rates to a record low to breathe life into a deteriorating euro zone economy but steered clear of more dramatic measures such as buying government bonds or flooding banks with fresh liquidity, putting broad pressure on the struggling euro. "We've seen some volatility around the decisions this morning," said Shaun Osborne, chief currency strategist at TD Securities. "To some extent, perhaps the impression is that they've fired their last bullet here which I think has turned sentiment a little sour." Against the greenback, the Canadian dollar retraced gains from an initial positive reaction to the ECB rate cut. The domestic currency breached the 200-day moving average at C$1.0118 versus the U.S. dollar, or 98.83 U.S. cents, all the way to C$1.0100, or 99.01 U.S. cents, its best level since May 16. By 11:15 a.m. (1515 GMT), the Canadian currency slipped to C$1.0137 against the U.S. dollar, or 98.65 U.S. cents, a tad weaker than Wednesday's North American session close at C$1.0132 versus the greenback, or 98.70 U.S. cents. Osborne put the near term range between par and C$1.0350. Earlier in the session on Thursday, riskier assets also benefited from a surprise interest rate cut by China and as the Bank of England launched a third round of monetary stimulus. "I think all in all the overall theme is that growth has been repriced lower in markets and central banks are reacting and so I think typically that should be what leads us into a risk rally which would be positive for CAD," said Camilla Sutton, chief currency strategist at Scotiabank. She cautioned however that "there's still tremendous uncertainty," particularly leading into U.S. jobs data on Friday. On the data front on Thursday, the pace of growth in the U.S. services sector slowed in June to its lowest level since January 2010 as new orders waned, though employment improved. Meanwhile, the U.S. private sector added more jobs than expected in June, heightening expectations for the next day's official employment report. Better-than-expected jobs data on Friday could be a positive for risk assets, or negative if markets interpret it as reducing the likelihood the U.S. Federal Reserve will take further steps to stimulate the economy. Canadian bond prices were little changed across the curve, underperforming their U.S. counterparts. [US/} Canada's two-year government bond unchanged to yield 1.028 percent, while the benchmark 10-year bond was off 2 Canadian cents to yield 1.713 percent.