CANADA FX DEBT-C$ closes higher after touching 5-week low

Fri Aug 5, 2011 4:53pm EDT
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* Closes at C$0.9781 to the U.S. dollar, or $1.0224

* Regains ground after touching 5-week low

* Exporter buying, partial stock market recovery support

* Economic fears persist, despite solid U.S. jobs report

* Bond prices fall as equities pare losses (Updates with closing price, details)

By Andrea Hopkins

TORONTO, Aug 5 (Reuters) - Canada's dollar closed stronger against the greenback on Friday after earlier touching a five-week low, as a modest recovery in stock markets helped offset widespread anxiety about the global economy.

The U.S. dollar fell broadly, reversing some of the previous day's sharp gains, also because of a partial recovery in Wall Street stocks. [FRX/]

Canada's dollar had strengthened earlier in the session on a better-than-expected U.S. employment report and Canadian jobs data that showed patches of strength. But sober second thoughts about economic weakness and ongoing speculation that U.S. sovereign debt may be downgraded later spooked markets.   Continued...