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The Canadian dollar CADUSD posted its biggest decline in more than one month against the greenback on Monday, as investors rushed back into the safe-haven U.S. currency following a period of weakness and ahead of a key domestic inflation report this week.

The loonie was trading 1% lower at 1.29 to the greenback, or 77.52 U.S. cents, its biggest decline since July 14. The currency touched its weakest since last Monday at 1.2934.

“What we are seeing is broadbased U.S. dollar strength after about a month of weakness,” said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC.

The greenback bounced after a batch of disappointing Chinese data bolstered global recession worries.

Commodity-linked currencies were particularly hard-hit, with the Australian and New Zealand dollars both falling about 1.4%.

Canada is a major producer of commodities, including oil. U.S. crude oil futures settled 2.9% lower at $89.41 a barrel on renewed concerns about reduced fuel demand.

In domestic data, average resale home price fell 4.5% from a year ago in July as buyers continued to sit on the sidelines amid rising borrowing costs, data from the Canadian Real Estate Association showed.

The Bank of Canada is expected to lift interest rates further next month despite data due on Tuesday that is expected to show Canada’s annual rate of inflation easing in July from a multi-decade high of 8.1% in June.

“I think that the central banks are going to proceed with their tightening come hell or high water,” Chandler said. “They are more worried about inflation than they are about recession.”

Canadian government bond yields were lower across the curve, tracking the move in U.S. Treasuries. The 10-year eased 4.6 basis points to 2.692%.

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