Canada's dollar closes higher after touching five-week low

Canada's dollar closed stronger against he 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 US dollar fell broadly, reversing some of the previous day's sharp gains, also because of a partial recovery in Wall Street stocks.
Canada's dollar had strengthened earlier in the session on a better-than-expected US employment report and Canadian jobs data that showed patches of strength. But sober second thoughts about economic weakness and ongoing speculation that US sovereign debt may be downgraded later spooked markets. The Canadian dollar touched a five-week low of C$0.9851 to the US dollar, or $1.0151.