We consider the XY model with ferromagnetic (FM) and antinematic (AN) nearest-neighbor interactions on a square lattice for a varying interaction strength ratio. Besides the expected FM and AN quasi-long-range order (QLRO) phases we identify at low temperatures another peculiar canted ferromagnetic (CFM) QLRO phase, resulting from the competition between the collinear FM and noncollinear AN ordering tendencies. In the CFM phase neighboring spins that belong to different sublattices are canted by a nonuniversal (dependent on the interaction strength ratio) angle and the ordering is characterized by a fast-decaying power-law intrasublattice correlation function. Compared to the FM phase, in the CFM phase correlations are significantly diminished by the presence of zero-energy domain walls due to the inherent degeneracy caused by the AN interactions. We present the phase diagram as a function of the interaction strength ratio and discuss the character of the respective phases as well as the transitions between them.