TORONTO _ The Canadian dollar was lower Friday as economic growth figures for the first quarter missed expectations.
The loonie dipped 0.18 of a cent to 92.1 cents US as Statistics Canada said gross domestic product advanced at an annualized pace of 1.2 per cent. Economists had expected a gain of about 1.8 per cent. It was also down from a 2.7 per cent annualized gain in the final quarter of last year.
On a monthly basis, GDP was up 0.1 per cent during March, which was in line with expectations.
In the U.S., other data showed that U.S. consumer spending slipped 0.1 per cent in April, the first decline in a year. Consumer spending had jumped 0.9 per cent in March, the biggest gain since the summer of 2009.
Later in the morning, traders will look to the latest consumer confidence data. The University of Michigan's widely watched consumer-sentiment survey is expected to edge up to 82.5 in May, from 81.8 in April.
Commodity prices were lower across the board as June crude lost 59 cents to US$102.99 a barrel.
July copper added a penny to US$3.15 a pound, while August gold faded $2.30 to US$1,254.80 an ounce.