The agency said gross domestic product was up by 0.1 per cent in May, after rising 0.3 per cent in April. Economists had expected a stronger showing in May of 0.2 per cent.
The Canadian dollar fell 0.11 of a cent to 99.71 cents US.
"Manufacturing was a notable miss, falling 0.5 per cent in real output despite an earlier reported gain in real shipments," said CIBC chief economist Avery Shenfeld in a note.
"We had expected a larger rebound in utilities, a sector that has still not done much to make up for a big dive during the abnormally mild winter."
Attention is also focused on a meeting of the U.S. Federal Reserve, over which investors appear unsure whether the Fed will act again to kick-start the economy.
The anticipation comes ahead of a Thursday meeting at the European Central Bank.
In commodities, the September crude contract on the New York Mercantile Exchange was down $1.72 to US$88.06 a barrel near midday. Earlier in the session, crude had been above Monday's close.
September copper moved up 1.5 cents to US$3.42 a pound while August gold ended off $9.20 at US$1,610.50 an ounce.