toronto aug 4 reuters  the canadian dollar edged lower against its broadly weaker us counterpart on thursday as a drop in oil prices offset data showing that canadas trade surplus widened in june the loonie was trading 01 lower at 12850 to the greenback or 7782 us cents after moving in a range of 12819 to 12876 it was the only g10 currency to lose ground against the us dollar  the canadian dollar is coming under pressure as a brutal wave of selling grips crude markets said karl schamotta chief market strategist at corpay with crude inventories surging as the summer driving season draws to a close investors are betting prices could come down further in the months ahead us crude oil futures settled down 23 at 8854 a barrel the lowest level since before russias invasion of ukraine in february oil is one of canadas major exports read more canadas trade surplus widened to c51 billion 40 billion in june beating analyst expectations as exports rose 2 read more canadas employment report for july due on friday could offer further clues on the strength of the domestic economy analysts expect the loonie to rally over the coming year betting the threat of recession will ease as the us federal reserve and the bank of canada likely wind down ratehike cycles in 2023 a reuters poll showed read more canadian government bond yields eased across a more deeply inverted curve the 10year was down 5 basis points at 2669 while it fell 47 basis points further below the 2year to a gap of 512 basis points reporting by fergal smith editing by tomasz janowski and frances kerry