CANADA FX DEBT-C$ down on commodities, global economic woes
By Frank Pingue
TORONTO, July 6 (Reuters) - The Canadian dollar moved off a one-month low but remained weaker against the U.S currency on Monday morning following a slide in commodity prices and nagging concerns about the global economic recovery.
At 7:50 a.m. (1150 GMT), the Canadian unit was at C$1.1658 to the U.S. dollar, or 85.78 U.S. cents, down from C$1.1617 to the U.S. dollar, or 86.08 U.S. cents, at Friday's close.
Trading was thin last week because of national holidays in both Canada and the United States, with some of the currency's latest move blamed on last Thursday's weak U.S. jobs data, which dampened hopes that the global economy is poised to recover.
"There's just a diminishing appetite for risk," said Adam Cole, global head of FX strategy at RBC Capital Markets in London. "And there is a lot of nervousness in the wake of the payrolls number and also heading into the earnings season in the U.S., which starts this week."
Also weighing on Canada's currency was a slide in commodity prices, including oil's drop to a five-week low, which proved enough to convince investors to move out of perceived riskier assets like the Canadian currency.
During the overnight session the domestic currency touched its lowest level since March 18 when it fell to C$1.1680 to the U.S. dollar, or 85.62 U.S. cents.
Canadian bond prices were little changed across the curve alongside similar moves in the bigger U.S. treasury market. (Editing by Padraic Cassidy)
© Thomson Reuters 2016 All rights reserved.