Investing.com - The U.S. dollar slipped against its Canadian counterpart on Friday, but losses were expected to remain limited as upbeat U.S. economic growth data lent support to the greenback and as OPEC’s decision to extend output cuts still weighed on oil prices.
USD/CAD hit 1.3433 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3451, shedding 0.24%.
The pair was likely to find support at 1.3385, Thursday’s low and a five-week low and resistance at 1.3541, Wednesday’s high.
The U.S. Bureau of Economic Analysis said gross domestic product rose 1.2% in the first quarter, up from a previous estimate of 0.7% and compared to expectations for a growth rate of 0.9%.
A separate report showed that U.S. durable goods orders fell 0.7% in April, compared to expectations for a 1.2% drop.
Core durable goods orders, which exclude transportation items, slipped 0.4% last month, disappointing expectations for a 0.5% rise.
The greenback had weakened broadly after the minutes of the Federal Reserve’s May meeting released on Wednesday showed that the central bank could raise interest rates soon but that "it would be prudent" to wait for more U.S. economic data.
Meanwhile, the commodity-related Canadian dollar remained under pressure as oil prices were still on the downside after OPEC’s decision on Thursday to extend production cuts by nine months.
The loonie was higher against the euro, with EUR/CAD declining 0.59% to 1.5027.