USD/CAD slipped to session low after US GDP

US dollar slipped to session low against its Canadian counterpart on Wednesday after revised data showed that US GDP slowed down during Q1.

USD/CAD tumbled to 1.0456 at 12:33 GMT, after which consolidation followed at 1.0464. The cross was down by 0.46% for the day. Support was likely to be received at June 21st low, 1.3061, while resistance was to be met at current session high, 1.0530.

The Commerce Department of the United States reported earlier today, that US Gross Domestic Product increased less than expected during the first quarter of the year, by 1.8% instead of 2.4%. That was a revision downward from 2.4% during the previous period.

Consumer Spending in the United States also rose by a slower pace than preliminary estimates during the first three months, by 2.6% instead of 3.4%. The indicator pointed a 3.4% increase during the preceding period. Additionally, Core Personal Consumption Expenditures (PCE) Index, which excludes seasonally variable energy and food costs, recorded a 1.3% increase during Q1 on annual basis, in line with expectations, as that was the same climb rate, shown during the previous quarter.

The data dampened market expectations that the Federal Reserve Bank could begin tapering its asset purchases later this year.