* Canadian dollar struggles near 11-year low vs greenback
* Dollar/yen edges down towards 120 with risk sentiment
soured
By Shinichi Saoshiro
TOKYO, Dec 29 (Reuters) - The Canadian dollar struggled near
an 11-year low against the greenback on Tuesday as crude oil
prices resumed their slide, weighing on commodity currencies.
Prices of both Brent and U.S. crude remained under pressure
early on Tuesday after dropping more than 3 percent LCOc1
CLc1 overnight, reversing a brief rebound as concerns over
oversupply returned. O/R
The Canadian dollar stood little changed at C$1.3891
CAD=D4 to the greenback after losing 0.7 percent overnight,
edging back towards an 11-year low of C$1.4003 against the
dollar hit earlier this month.
The Australian dollar, another commodity currency, stood
little changed at $0.7259 AUD=D4 after touching a five-day low
of $0.7246.
The U.S. dollar did not fare as well against the euro and
safe-haven yen, which has benefited as lower oil has dented
investor risk appetite.
The dollar, which has lost some steam against its Japanese
counterpart after the Federal Reserve hiked interest rates this
month, dipped 0.1 percent to 120.26 yen JPY= . It edged closer
to a two-month low of 120.05 plumbed last week.
"The dollar risks breaking below 120.00 yen if Chinese
equities extend their fall and lead to a global weakening in
stocks," said Masafumi Yamamoto, chief forex strategist at
Mizuho Securities in Tokyo.
Shanghai shares .SSEC suffered their worst loss in a month
on Monday.
The euro gained 0.1 percent to $1.0988 EUR= . Trading has
thinned out as participants have closed out their positions
before the year's end, confining the common currency to a narrow
$1.0944-1.1000 range over the past three sessions.
(Editing by Kim Coghill)