(All figures in Canadian dollars unless noted)
NEW YORK, May 17 (Reuters) - ICE (NYSE:ICE) canola futures fell on Friday, as investors took profits after a rare week of gains and as soybean prices slid.
* Canola's gains earlier this week may reflect smaller speculators pushing the July contract up toward its 50-day moving average in hopes that funds will begin covering their large short position at that point, a trader said. The July 50-day moving average sits around $455.70.
* July canola RSN9 lost $3.80 to $443.20 per tonne.
* July-November canola spread traded 3,143 times.
* Dry weather has allowed farmers in the Canadian province of Alberta to make substantial seeding progress. Canola planting was 28% finished by May 14, the provincial government said Friday.
* Chicago July soybeans SN9 fell as rains looked to delay U.S. corn planting and prompt some switching to soybeans. GRA/
* Paris Matif August rapeseed futures /COMQ9 and Malaysian July palm oil futures /1FCPON9 dipped.
* The Canadian dollar CAD= edged higher against its U.S. counterpart on Friday, recovering from an earlier three-week low after reports that a deal was reached to remove tariffs on its metals that had been imposed by the United States. CAD/