05/30/2014 08:48 EDT | Updated 07/30/2014 05:59 EDT

Canadian dollar slips, first quarter gross domestic product data misses forecast

TORONTO - The Canadian dollar closed lower Friday as economic growth figures for the first quarter missed expectations.

The loonie dipped 0.05 of a cent to 92.23 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 in March, 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.

Also, the University of Michigan's widely watched consumer sentiment came in at 81.9 in May, below the 82.5 reading that economists had expected.

Commodity prices were lower across the board as June crude lost 87 cents to US$102.71 a barrel.

July copper declined two cents to US$3.12 a pound, while August gold faded $11.10 to US$1,246 an ounce.